Brent crude, the international benchmark oil price, climbed above $100 a barrel on Wednesday for the first time since July as an uptick in attacks across the Middle East fueled concerns about supply shortages.
What happened: Brent crude peaked at $100.98 earlier on Wednesday before easing to $100.77 at 9:58 a.m. EDT.
The Iran war escalated this week when Yemen’s Iran-backed Houthi rebels attacked four southern Saudi cities and oil facilities on Tuesday. The Houthis, who control most of Yemen’s populated areas, including the capital, Sanaa, said they targeted Khamis Mushait and sites belonging to Saudi Aramco in Abha, Najran and Jizan. The attacks wounded more than 70 people and set oil installations on fire.
The Houthis said on the group's television channel Almasirah on Wednesday that Saudi Arabia carried out more than 40 airstrikes in several regions of Yemen, including the provinces Al-Jawf, Marib, Taiz and Hodeidah.
There were also attacks on crude shipments in the Red Sea, a key route for oil transported through the Suez Canal and an increasingly important outlet for supplies seeking to avoid the Strait of Hormuz, where maritime traffic has been choked since the Iran conflict began on Feb. 28.
