Oil prices have jumped as the conflict with Iran escalates, this time with attacks on ships in the Red Sea by the Houthi militia group aligned with Tehran. |
© European Union's Operation Aspides via AP |
On Thursday, international benchmark Brent crude crossed the $100 mark, with futures trading at about $101 per barrel, up more than $25 from where it was trading during the U.S.-Iran ceasefire in July.
U.S. benchmark West Texas Intermediate crude futures were trading at about $92 per barrel, also up about $25 from their early July lows.
The war has sent oil prices fluctuating as the violence has threatened shipping through the Strait of Hormuz, a channel between Iran and the Arabian Peninsula through which much of the world’s oil typically flows.
Meanwhile, Houthi rebels in Yemen said Thursday that they attacked two Saudi oil tankers in the Red Sea, which is situated on the other side of the Arabian peninsula.
Attacks there threaten the oil being shipped through this route after Iran blocked off the Strait of Hormuz. Read more at TheHill.com. |
Welcome to The Hill’s Energy & Environment newsletter, I’m Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains.
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