Oil Prices Spike to $100 a Barrel Amid Mideast Conflict

Oil prices surged past $100 a barrel on Wednesday, marking its highest level in over six weeks. The price hike comes after US military strikes destroyed five Iranian tankers and Houthi attacks set oil facilities ablaze in Saudi Arabia.

The US Central Command said the strikes were a response to attempted Iranian missile attacks on a Navy warship. The vessels targeted by the US were part of a multibillion-dollar shadow network that funds the Islamic Revolutionary Guard Corps and its regional proxies.

Secretary of State Marco Rubio described the Houthis as 'agents and proxies of the Iranians,' with 'clearly the Iranian hand' behind some of the attacks.