Oil prices on Tuesday surged toward $100 a barrel after Iran-backed Houthi militants launched an attack on Saudi Arabia that Saudi officials said injured dozens of civilians in a major escalation of tension in the region.
The price of Brent crude, the global benchmark for oil, rose above $99 a barrel during the day. That was the highest since late July, shortly after Houthi militants declared a maritime blockade on Saudi Arabia and began targeting Saudi tankers with missiles and drones.
The price reflected the market’s recognition that there is no end in sight for the conflict in the Middle East, which has disrupted oil flows through two vital arteries: the Strait of Hormuz and the Red Sea.
