Oil prices hit $100 for the first time since May
Oil prices have reached $100 per barrel for the first time since May due to escalating Middle East tensions and Houthi militia attacks on tankers. The conflict has disrupted key export routes, leading to concerns over global energy supply stability.
Why it matters
Rising oil prices directly impact global inflation, transportation costs, and consumer energy bills, signaling potential economic instability.
Image source, Bloomberg via Getty Images By Michael Race and Ben King , Business reporters Published 28 minutes ago Oil prices hit $100 a barrel for the first time since May as the escalating conflict in the Middle East reignited fears over global energy supplies.
Brent crude - the global benchmark for oil prices - rose more than 5% on Thursday after several days of increases as the US stepped up military strikes against Iran.
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