Crude oil prices are moving close to $100 a barrel. Fighting between the United States and Iran in the Persian Gulf, along with Houthi attacks on Saudi Arabia’s energy infrastructure, is raising fears over oil supplies.
The latest escalation came after the US military attacked five Iranian crude oil tankers on Tuesday (September. The Iran-backed Houthis also stepped up attacks on Saudi energy facilities, making oil shipments from the region more difficult.
International benchmark Brent crude rose 2.4% from Monday’s closing price to $99.34 a barrel. It climbed another 1.5% in Tuesday morning trading to reach $99.44.
The oil market has seen frequent swings this year as the military confrontation in the Middle East has changed the outlook for supplies. Brent had reached $126 a barrel in late April before falling to around $70 in July. Prices began moving higher again from the end of August as tensions between Washington and Tehran increased.
The two countries had reached an agreement in mid-June, which brought a period of lower tensions. The latest clashes have ended that period and brought uncertainty for oil markets.
