Global oil prices climb close to $100 a barrel amid attacks in Red Sea
Summary
Global oil prices rose close to $100 a barrel after Iran-backed Houthi rebels attacked ships in the Red Sea, threatening an important route for oil shipping. These attacks raised concerns about higher inflation and may affect upcoming U.S. Federal Reserve decisions on interest rates.Key Facts
- Brent crude oil price reached $98.82 per barrel, up 5.05%.
- U.S. benchmark West Texas Intermediate hit $90.67 per barrel, up 4.42%.
- National average gas price in the U.S. rose to $4.09 per gallon from $3.94 a week earlier.
- Houthi rebels claimed attacks on two Saudi oil tankers in the Red Sea near the Bab el-Mandeb Strait.
- The Bab el-Mandeb Strait handles about 7% of the world's oil supply.
- Rising oil prices could increase inflation, influencing the Federal Reserve’s July 29 interest rate decision.
- The chance of a Fed rate increase on July 29 rose to 36% from 11% a week ago.
- The U.S. has increased military support in the region, including refueling aircraft and bombers.
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