Oil prices hit $100 for the first time since May
Summary
Oil prices reached $100 per barrel for the first time since May due to increased fighting in the Middle East. The rising conflict and attacks on oil tankers have raised concerns about the supply of energy worldwide.Key Facts
- Brent crude oil price rose over 5% recently, hitting $100 per barrel.
- The U.S. increased military strikes against Iran amid the conflict.
- Houthi militia attacked oil tankers in the Red Sea, threatening Saudi Arabia’s key shipping route.
- An explosion on an oil tanker near the Strait of Hormuz caused a fire and forced three tankers to turn back.
- UK natural gas prices have risen from 98p to about 150p per therm since late June.
- A temporary ceasefire between the U.S. and Iran has ended without resolution.
- U.S. Secretary of State Marco Rubio said Iranian leaders are not ready to negotiate a deal.
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