Oil Prices Surpass $100 as Conflict Escalates in Middle East
The price of oil surged past $100 a barrel on Wednesday, its highest level in more than six weeks. This increase follows US military strikes that destroyed five Iranian tankers and Houthi attacks that set oil facilities ablaze in Saudi Arabia.
According to the US Central Command, the strikes were in response to attempted Iranian missile attacks on a Navy warship. The vessels targeted by the US were part of a multibillion-dollar shadow network used by Iran to fund the Islamic Revolutionary Guard Corps and its regional proxies.
Saudi Arabia's oil facilities have been affected by Houthi attacks, which Secretary of State Marco Rubio described as 'in many ways, agents and proxies of the Iranians.'
The price of Brent crude, the international benchmark, rose 2.4% to $100.29 a barrel, while US benchmark crude gained 1.9% to $94.77 a barrel.