Oil Prices Surge Amid Fresh Threats to Global Supply

The recent attacks on two Saudi oil tankers in the Red Sea have sent shockwaves through the global energy market, causing Brent crude to hover around $100 per barrel. The incident has underscored the importance of the sea route for the economy, with US President Trump warning of 'major military punishment' against the Houthi rebels in Yemen if they continue to attack ships.

The attacks have led to a significant increase in oil prices, with Brent crude down $3.02 at $97.67 and US benchmark crude slipping $2.43 to $89.76 per barrel. Despite Friday's decline, both standards are up over 10% this week.

Gasoline prices have also surged, with the average cost for a gallon of regular gas surpassing $4.10 overnight, according to AAA. This has led to concerns about the impact on inflation and potentially forcing central banks to raise interest rates.