From ABC7 New York · · 1m 10s
Oil Prices Soar as Middle East Strikes Escalate
Global oil prices hit 5-month high after Iran-Houthi attacks on ships and facilities.
In brief
Global oil prices hit 5-month high after Iran-Houthi attacks on ships and facilities. Global oil prices surged to their highest level in five months following Iran and Houthi claims of attacks on Middle Eastern oil infrastructure. Originally reported by ABC7 New York.
Oil Prices Surge
Global oil prices climbed to their highest level in five months after Iran and its Houthi allies claimed attacks on oil infrastructure in the Middle East.
Brent Crude Hits $111
The Brent crude futures price, a benchmark for global trading, topped $111 a barrel before retreating to $110.30 a barrel, marking a 55% rise since the Iran war began in late February.
U.S. Oil Prices Rise
The West Texas Intermediate futures price jumped to $105.75, a 60% increase since the Iran war began in late February.
Middle East Attacks
Iranian state-run media reported that the Islamic Revolutionary Guard Corps claimed two oil tankers hit naval mines south of the Strait of Hormuz.
Impact on Gas Prices
The average price of a gallon of gas in the U.S. rose to $4.27, a nearly $1.30 increase since late February.
At a glance
Global oil prices surged to their highest level in five months following Iran and Houthi claims of attacks on Middle Eastern oil infrastructure.
