Commodities
Oil Surges Past $100 a Barrel Amid Escalating Middle East Tensions
The price of oil has surged past $100 a barrel for the first time in over six weeks, following a series of attacks on Middle Eastern oil facilities and U.S. military strikes against Iranian tankers.
The rise was triggered by Houthi attacks that set ablaze Saudi Aramco's oil facilities north of Abha, as well as U.S. Central Command's destruction of five Iranian crude oil carriers in the Gulf of Oman and near Kharg Island.
Secretary of State Marco Rubio described the Houthis as 'agents and proxies of the Iranians,' with U.S.-Saudi military cooperation closely monitoring the situation.
The Brent crude contract, an international benchmark, rose 2.4% to $100.29 a barrel after settling at $97.89, while U.S. benchmark crude gained 1.9% to $94.77.