Crude oil tops $100 a barrel amid Middle East supply fears
Crude oil rose above $100 a barrel on Thursday, its highest level since May 19. Escalating Middle East tensions include Iran signaling continued retaliatory strikes and Houthi targeting of Saudi assets and shipping routes.
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Brent crude climbed above $105 a barrel on Thursday, its highest since May 19, as rising tensions in the Middle East stoked concern over a prolonged disruption to global energy supplies. Iran said it would keep carrying out retaliatory strikes if US attacks continue, while Iran-backed Houthi forces are targeting Saudi assets and threatening shipping routes. 238 million barrels a day, the lowest since 1990. The worsening backdrop in the Middle East is weakening expectations that regional supply can normalize, even as Asian economies are forced back into the energy market.
2% from July, after relying on inventories since the conflict began to help offset a deeper energy shortage caused by blockaded tankers in the Persian Gulf.