Oil Prices Soar Past $100 a Barrel Amid Middle East Tensions
The price of oil surged past $100 a barrel on Wednesday, reaching its highest level in over six weeks. This sharp increase comes after US military strikes destroyed five Iranian tankers and Houthi attacks set oil facilities ablaze in Saudi Arabia.
According to the US Central Command, the strikes targeted vessels used by Iran as part of a multibillion-dollar shadow network that funds the Islamic Revolutionary Guard Corps and its regional proxies. Secretary of State Marco Rubio stated that the Houthis are 'in many ways, agents and proxies of the Iranians,' and that 'behind some of this is clearly the Iranian hand.'
The most actively traded Brent crude contract settled at $97.89 a barrel before rising 2.4% to $100.29 early Wednesday. US benchmark crude gained 1.9% to $94.77 a barrel.