Oil hits $100 a barrel after US and Houthi strikes

Global crude oil prices climbed past $100, or approximately £74, a barrel on Wednesday following a fresh wave of strikes in the ongoing conflict between the United States and Iran, alongside continued Houthi assaults targeting Saudi Arabia.

This latest escalation follows US reprisal strikes that hit five Iranian oil tankers after Tehran targeted an American warship. The US military operations targeted four vessels in the Gulf of Oman linked to Iran's Islamic Revolutionary Guard Corps (IRGC) and another near Kharg Island, which handles 90% of Iran's oil exports.

In response, Tehran launched missiles at a US base in Jordan, most of which were intercepted, while claiming attacks on two US vessels and eight oil tankers in the Strait of Hormuz. Iran's navy also stated it had seized a defective uncrewed US submarine in the area.

Stock photo for illustration only, not from the actual event

Meanwhile, the Iran-backed Houthi movement in Yemen carried out drone and missile strikes against civilian and energy infrastructure across Saudi cities including Abha, Jazan, and Najran, injuring 73 people and causing temporary operational shutdowns at oil facilities. These incidents follow months of rising hostilities since the conflict began on February 28.

"The situation was pretty straightforward."

US Secretary of State Marco Rubio

Source: BBC World