Oil Hits $100 for First Time Since May After Attacks by Iran-backed Militants

ThisDay· 3h ago· 1 min read

• Trump vows punishment

Emmanuel Addeh in Abuja

Oil prices hit $100 a barrel yesterday for the first time since May, after attacks by Iranian-backed Houthi militants in the Red Sea threatened to squeeze global supplies further and reignite a global inflation shock.

Brent crude, Nigeria’s benchmark, rose more than 6 per cent to $100, extending a blistering rebound this month amid fears that the US and Iran are headed for a return to full-blown conflict.

Oil’s rally accelerated after the Houthis said they had attacked two Saudi Arabian tankers in the Red Sea following their move to impose a maritime blockade on the kingdom this week.

The targeting of the Saudi ships raised the spectre of the Houthis closing the Bab al-Mandab Strait, which connects the Red Sea with the Gulf of Aden and the Indian Ocean, Financial Times report said.

It has become a vital route for Saudi Arabia’s oil…

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