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Oil surges past $101 to highest closing level since May
NBC News • • business
Key Points:
- Oil prices surpassed $100 per barrel on Wednesday, driven by renewed conflicts between the U.S. and Iran, with Brent crude closing at $101.21 and U.S. crude at $96.05, both at their highest levels since May 22.
- The spike followed U.S. military strikes on Iranian tankers and retaliatory attacks by Tehran on U.S. assets, alongside assaults by Iran-backed rebels on Saudi oil facilities, escalating tensions in the region.
- Since the start of 2024, oil prices have surged nearly 70%, with a 40% increase since the Iran conflict began in late February, raising concerns about global energy supply and consumer costs.
- Rising oil and gas prices are becoming a political issue in the U.S. ahead of the midterm elections, with President Trump predicting gas prices will only drop after the November vote despite current highs of $4.22 per gallon.
- Experts warn that prolonged conflict could push Brent crude prices to $120-$150 per barrel, as key Middle Eastern oil export routes remain disrupted due to ongoing military and rebel actions.
