Oil price passes $100 a barrel again as Middle East conflict escalates
Summary
The price of oil rose above $100 a barrel due to increased fighting in the Middle East, which threatens the flow of oil to the world. The Houthi militia in Yemen attacked Saudi oil tankers, raising fears about disruptions in a key shipping route.Key Facts
- Oil prices passed $100 a barrel for the first time in two months.
- Fighting in the Middle East is causing concerns about oil supply disruptions.
- Yemen’s Houthi militia attacked two Saudi oil tankers in the Red Sea.
- The Houthis used missiles and drones in the attacks, setting one tanker on fire.
- The region’s conflict affects oil flow through the important Strait of Hormuz.
- Oil prices had peaked at $126 a barrel in April but dropped to $71 in early July.
- Prices started rising again after a U.S.-Iran agreement on oil failed and fighting increased.
- Brent crude is the international standard used to measure oil prices globally.
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