The worth of Brent crude, the worldwide benchmark price for oil, breached US$100 a barrel on Thursday because the U.S. war on Iran dragged on for nearly five months.
As of 11 a.m. eastern on Thursday, Brent crude prices were around US$100.60 per barrel, as conflict within the Red Sea between Saudi Arabia and the Houthi rebels in Yemen drove oil tanker traffic within the crucial Bab el-Mandeb strait down.
This got here because the Strait of Hormuz remained closed to vessels and the U.S. and Iran intensified their strikes.
Gas prices in Canada hit a monthly high on Thursday, with gas costing a mean of $1.77 per litre across the country.
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This was up from $1.70 per week ago, $1.60 from the identical time a month ago and $1.33 from the identical time a 12 months ago.
Yemen’s Iran-backed Houthi rebels said they attacked two Saudi oil tankers within the Red Sea on Thursday.
Iran and the U.S. have meanwhile stepped up their attacks as they vie for control of the strait, through which a fifth of the world’s oil and gas transited in peacetime, setting off a scramble for alternative routes.
Because the U.S. carried out a twelfth night of strikes across Iran, U.S. President Donald Trump threatened “major military punishment” against the Houthis if their attacks on ships proceed.
–With files from Associated Press
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