See how oil prices soared after attacks in Red Sea, more US strikes
Global oil prices reached $100 a barrel following Houthi attacks on Saudi oil tankers in the Red Sea. The blockade of the Bab el-Mandeb Strait has raised concerns about global energy supply chain disruptions and potential economic strain.
Why it matters
The escalation in the Red Sea threatens global energy security and could lead to increased fuel costs for consumers worldwide.
Hear this story Global oil prices hit $100 a barrel July 23 after Iranian-supported Houthi forces announced attacks on two oil tankers from Saudi Arabia, a U.S. ally.
The price of benchmark Brent crude oil rose 6% following the Houthi attacks in the Red Sea. The strikes raised market fears that a second vital oil shipping route in the Middle East could be closed or restricted.
The Houthis , a political-religious faction in Yemen, announced the Red Sea blockade July 20. The group controls a narrow waterway known as the Bab el-Mandeb Strait , one of the world's most important oil shipping routes.
In a social post, President Donald Trump said the United States would inflict punishment on Iran for future Houthi attacks.
Gasoline prices generally rise and fall with crude oil costs. Crude is the largest component of the retail price of gasoline, says the Energy Information Administration.
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