Oil prices rise above $100 a barrel for first time since July as Iran war escalates
Summary
Oil prices have gone above $100 a barrel for the first time since July because fighting between the US and Iran increased. This conflict in the Middle East is causing worry about losing important oil supplies worldwide.Key Facts
- Brent crude oil price rose 2.1% and passed $100 a barrel.
- The US military destroyed several Iranian tankers after Iran tried to attack a US warship with missiles.
- Iran-backed Houthis attacked cities in Saudi Arabia, injuring over 70 people and damaging oil facilities.
- Oil prices have risen about 25% since early August as the war in the region worsened.
- The conflict began after Iran blocked the Strait of Hormuz, a key waterway for shipping oil.
- Oil prices previously peaked at $126 per barrel in April but had fallen before rising again.
- UK natural gas prices recently reached their highest point in over three years, partly due to the conflict.
- Higher energy prices are raising concerns about inflation and possible interest rate increases by the US Federal Reserve.
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