Oil surges to $100 per barrel after Red Sea attacks
Oil prices rose Thursday to their highest level since early June after the latest Iran war escalation threatened severe new disruption to global supplies. Brent crude oil rose more than 6% to more than $100 per barrel in early Thursday trading, its highest level in eight weeks since the end of May. U.S. crude oil also jumped for a second straight day, rising more than 5% to almost $92 per barrel, its highest level since June 11.
The surge in prices followed Tehran-backed Houthi rebels claiming attacks on two Saudi oil tankers in the Red Sea, after their announcement of a naval blockade on the kingdom. This marked the first time since the Iran war began that ship attacks had spread beyond the vicinity of the Strait of Hormuz. The Houthi threat is unsettling because millions of barrels per day pass through the Bab el-Mandeb strait. About 12% to 15% of global maritime trade worth more than $1 trillion transits the waterway every year. Since the start of the month, oil prices have risen about 35%, and are now higher by more than 60% since the start of the year. The national average gas price Thursday rose to $4.09 per gallon, up from $4.06 Wednesday, according to motor club AAA data tracked by NBC News. This erased much of the progress toward lower prices that came after the United States and Iran signed a memorandum of understanding in mid-June.
Quick Summary
Oil prices surged to their highest levels since early June following new threats to global supplies. This escalation could significantly impact
Summary - read the full story for complete context.
Image: Joy Business
Also covered by
GhanaFront aggregates news from trusted sources. Click to read the original article.
Keywords
Explore related tagsMore from Joy Business
Related Stories
More from Business & Economy
Project analysts and consultants: standard-bearers for excellence in business project management
Discover how these professionals are navigating project challenges and driving strategic objectives across both public and private sectors.
1d ago•4 min read
Why similar vehicles attract different import duty rates: What you need to know before importing a car into Ghana
Uncover the crucial factors Customs officials use to classify vehicles and determine import duties, even before your car arrives in Ghana.
2h ago•4 min read
BoG defends decision to hold policy rate at 14% amid global uncertainties
Find out why the Bank of Ghana is confident in its decision to keep borrowing costs unchanged despite global uncertainties.
2h ago•3 min read
Selling Beyond Charisma: Your best salesperson is your biggest business risk
Discover why the most charming person on your sales team might be the biggest threat to your company's long-term growth and how this common practice
4h ago•5 min read
