The price of oil crossed the $100 a barrel mark for the first time since July as continued chaos in the Middle East spooked the market. As the market opened on Wednesday, the price for Brent Crude - the benchmark for oil across the world - hit $100.19 at around 8.15am. It later dropped slightly to $99 shortly after.
The Middle East conflict escalated this week after Iranian-backed Houthi forces in Yemen launched strikes on several Saudi cities, drawing a key US ally further into the war. Meanwhile, the US military has said it’s destroyed five Iranian tankers carrying crude following attempts to strike a US Navy warship with ballistic missiles. Iran claimed to have attacked two American vessels and eight oil tankers in the Gulf.
Shipping crews near Kuwaiti and Bahraini ports were warned to abandon their vesels. The latest attacks threaten to deepen disruptions to Middle East oil supplies, already strained by strikes on regional energy infrastructure and key shipping lanes. Brent crude prices were last this high in late July.
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