Oil Prices Soar Past $100 a Barrel Amid Ongoing Middle East Tensions
The price of oil surged past $100 a barrel on Wednesday for the first time in more than six weeks, following U.S. military strikes against Iranian tankers and Houthi attacks on Saudi Arabia's oil facilities.
The strikes targeted five vessels, including four crude oil carriers, which were part of a multibillion-dollar shadow network that funds the Islamic Revolutionary Guard Corps (IRGC) and its regional proxies, according to U.S. Central Command.
The Houthi attacks set oil facilities ablaze in Saudi Arabia, further driving up prices. Brent crude, the international benchmark, settled at $97.89 a barrel before rising 2.4% to $100.29 early Wednesday.
U.S. benchmark crude gained 1.9% to $94.77 a barrel, while a gallon of regular gasoline averaged $4.15 nationwide on Tuesday, up 26% from the same day last year, according to AAA.