Oil rises past $100 a barrel after the latest wave of Middle East attacks
NEW YORK (AP) — The price of oil surpassed $100 a barrel for the first time in almost six weeks after attacks on oil facilities and ships in the Middle…
Oil prices surged past the $100 per barrel mark for the first time in nearly six weeks following a series of attacks on oil facilities and vessels in the Middle East. This development raises concerns about the already strained global oil supply chain.
The most widely traded contract for a barrel of Brent crude, the international benchmark, initially settled at $97.89 per barrel on Wednesday. However, the price quickly rose above $100 prior to settling at $97.89.
The U.S. military reported the striking of five Iranian tankers in response to Iranian attempts to launch missiles at a Navy warship. Additionally, attacks by an Iranian-backed Houthi rebel group caused fires at oil facilities in Saudi Arabia, further exacerbating supply chain vulnerabilities.
Rising oil prices have a cascading effect on the economy. As the cost of gasoline, diesel, and jet fuel increases, everyday expenses like commuting and transporting goods, including fresh produce and long-distance shipments of furniture and appliances, become more expensive. The market reacted swiftly to these developments, reflecting the significant impact that geopolitical events can have on the global oil market.
Written by urgent.news from Associated Press's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 3 other outlets
- Ringgit ends easier against US dollar as Middle East conflict weighs on sentiment nst.com.my
- Ringgit eases as Middle East conflict weighs on sentiment freemalaysiatoday.com
- Oil rises past $100 a barrel after the latest wave of Middle East attacks winnipegfreepress.com
