Oil Prices Soar Past $100 as Middle East Tensions Escalate
Global oil prices have surged past $100 per barrel for the first time in two months due to escalating tensions in the Middle East. The Iran-backed Houthi militia claimed responsibility for striking two Saudi oil tankers in the Red Sea, prompting US President Donald Trump to threaten 'major military punishment' against the Houthis.
The attacks have disrupted shipping routes and raised concerns about energy security, with Brent North Sea crude prices rising above $100 a barrel. The price increase has also affected stock markets, with Asian stocks following a sell-off on Wall Street as investors weigh the impact of the conflict on global trade.
US President Donald Trump had previously vowed to target Iranian bridges and power plants in retaliation for any attack on ships in the Strait of Hormuz, further escalating tensions in the region. The Houthi rebels' actions have also prompted a 13th night of strikes by the US military against Iran, targeting key military and commercial sites.