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Global oil prices cross $100 a barrel as Iran war sends fuel prices surging

Brent crude climbed above $100 a barrel as Red Sea shipping risk rose amid renewed attacks linked to Iran and Yemen’s Houthi militants, tightening supply routes and pushing fuel prices higher.

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Marcus Kay

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Global oil prices cross $100 a barrel as Iran war sends fuel prices surging

Global oil prices crossed $100 a barrel Thursday for the first time since May, with Brent crude rising to about $100.60—pushing roughly 29% higher over the past month. The surge followed reports that Houthi militants struck two Saudi tankers in the Red Sea, adding to renewed U.S.-Iran tensions. With shipping traffic in key straits declining and the route carrying about one-fifth of global oil supply, traders fear an oil-shock scenario could worsen. U.S. gas prices also climbed, with AAA tracking averages near $4.09.

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