Oil topped $100 a barrel for the first time since May — and the average US gas price rose to $4.09 — after Yemen’s Houthi rebels targeted Saudi ships in the Red Sea, threatening to cut off a crucial escape hatch for the kingdom’s oil exports. Follow for live news updates.

The attack on ships in the Red Sea threatened to expand the conflict and severely impact global oil supplies already hobbled by the blockade of the Strait of Hormuz.

Oil prices surged past $100 a barrel on Thursday as Iran-backed Houthi rebels targeted Red Sea shipping as threats by US President Donald Trump to strike them in return sent…