Oil Prices Surge Above $100 as Red Sea Attacks Disrupt Global Supplies

Oil prices have surged above $100 per barrel for the first time since late May, driven by attacks in the Red Sea. The Brent crude benchmark reached a high of $100.72 per barrel as of 10 a.m. EST on Thursday morning.

The increase is attributed to Iran-backed Houthi militants' attack on two Saudi Arabian tankers in the Red Sea, which has disrupted global oil supplies and heightened uncertainty in the Middle East.

U.S. crude oil prices have also risen, reaching nearly $92 per barrel, the highest since early June. The surge in oil prices is expected to impact consumer fuel costs, with regular gasoline averaging $4 per gallon and diesel at $5.20 per gallon.

The Federal Reserve's upcoming interest rate decision on July 29 may be complicated by the rising oil prices, as higher oil costs can contribute to inflation.