Oil hits $100 a barrel for first time since July after US and Houthi strikes

Oil rose to $100.70 per barrel on Wednesday, its highest level since late July, after coordinated attacks in the Gulf and Yemen escalated tensions. The U.S. said it struck five Iranian tankers in retaliation for Iran targeting a warship, while Iran’s Revolutionary Guards said they attacked eight tankers, two warships, and a U.S. base in Jordan. The Guards also announced a “prohibited zone” extending beyond the Strait of Hormuz toward the Arabian Sea. Houthi attacks hit oil facilities in Saudi Arabia, following fires from drone and missile strikes. Brent’s rebound followed the effective closure of the Strait of Hormuz, through which 20% of global oil and LNG shipments usually pass. The price jump has also lifted petrol costs worldwide.