Oil Surges Past $100 a Barrel Amid Military Strikes and Houthi Attacks

The price of oil surged past $100 a barrel on Wednesday after a series of military strikes and Houthi attacks in Saudi Arabia. The U.S. Central Command said it destroyed five Iranian tankers, including M/T Kaviz, M/T Charminar, M/T Horizon 1, M/T Riesco, and M/T Derya, as part of a multibillion-dollar shadow network that funds the Islamic Revolutionary Guard Corps and its regional proxies.

Saudi oil facilities were also set ablaze by Houthi attacks, further fueling concerns about global energy supplies. The most actively traded Brent crude contract settled at $97.89 a barrel before rising 2.4% to $100.29 early Wednesday.

The U.S. and international carriers have responded to higher oil prices by cutting flights and increasing fares and fees due to the sharp increase in jet-fuel costs.