Oil hits $100 a barrel for first time since July after US and Houthi strikes
Overnight, the US said it struck five Iranian tankers in retaliation for Iran's targeting of a warship, while Iran's Revolutionary Guards said they attacked eight tankers and two warships in response, as well as a US base in Jordan.
On September 10, oil prices surged to $100 (£74) per barrel, marking their highest level since late July, following a series of attacks and retaliations in the Gulf region. The United States and Iran exchanged military actions, with the US targeting five Iranian tankers for striking a US warship and Iran's Revolutionary Guards responding by attacking eight tankers, two warships, and a US base in Jordan.
Iran's Houthis also targeted oil facilities in Saudi Arabia, exacerbating tensions. The escalating conflicts pushed the price of Brent crude, the global benchmark, to its highest point since late July, when hostilities resumed between Iran and the US after a month-long lull. A barrel was priced at $100.70, a 2.83% increase from Tuesday's value.
The US and Iran's military actions have disrupted oil shipments through the Strait of Hormuz, a crucial waterway for 20% of the world's oil and liquefied natural gas (LNG) supplies. The situation has raised concerns about supply disruptions and rising petrol prices globally.
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