Oil prices rose past $100 (£74) a barrel on Wednesday after further strikes in the US and Iran conflict and continuing Houthi attacks in Saudi Arabia.
Key Highlights
- Brent crude rose above $100 a barrel, reaching its highest level since late July.
- The increase followed renewed US-Iran military strikes and continued Houthi attacks in the region.
- The US reportedly struck five Iranian oil tankers in retaliatory attacks.
- Iran responded with missile attacks targeting a US base in Jordan and reported attacks on vessels and tankers around the Strait of Hormuz.
- Iran-backed Houthi forces have also continued attacks on Saudi oil facilities, airports and tankers.
In back-and-forth attacks, the US hit five Iranian tankers in reprisal strikes after Tehran targeted one of its warships.
Brent crude, which is the global benchmark for oil prices, has not been as expensive since the end of July, when a ceasefire between Iran and the US collapsed.
Yemen’s Iran-backed Houthi movement also attacked oil facilities in Saudi Arabia on Tuesday and has been targeting tankers in the Red Sea.
Brent crude did dip back down to $99.90 a barrel, but any fresh flare-ups in the Middle East could see it pushed higher again.
The US strikes on the five Iranian tankers saw four in the Gulf of Oman linked to Iran’s Revolutionary Guards Corps (IRGC) hit, as well as another near Kharg Island.
Tehran responded by launching missiles at a US base in Jordan, most of which were shot down, and said it attacked two US vessels and eight oil tankers in the Strait of Hormuz.
The Houthis and Saudi Arabia have also been exchanging strikes since July after their own informal ceasefire unravelled.
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Houthi missile attacks started on Saudi airports, oil facilities and tankers in the Red Sea.
They said it is retaliation for a Saudi blockade of ports and airports and an air strike on Sanaa airport they accused Saudi Arabia of carrying out.
On Monday, they accused Saudi Arabia of bombing a prison in al-Hazm and killing 11 people. Then on Tuesday, the Saudi authorities said Houthis had struck civilian and economic sites in the cities of Abha, Khamis Mushait, Jazan and Najran.
Oil prices have fluctuated wildly during the Iran-US war, which started on February 28 this year. Pressure on oil prices has been exacerbated by wider regional instability.
Before the conflict, Brent crude was priced at about $70 (£52) a barrel.
