Global oil prices jump above $100, first time since late May

Data Researcher/Curator

WASHINGTON —

Oil prices rose above $100 a barrel Thursday morning for the first since late May after Iran-backed Houthi militants said they attacked two Saudi Arabian tankers in the Red Sea.

Brent crude, the global benchmark for oil prices, reached $100.72 a barrel as of 10 a.m. EST.

U.S. crude oil prices are also up, rising to nearly $92 per barrel, the highest since early June.

President Donald Trump said in a Truth Social post that Iran would be held responsible if there are further attacks by the Houthis.

The Red Sea was serving as an alternative route to the Strait of Hormuz as conflict between the U.S. and Iran continues.

Oil prices continue to rise as uncertainty in the Middle East disrupts global oil supplies. Higher oil prices tend to impact how much consumers pay at the pump. As of Thursday, the national average price remains at $4 per gallon for regular gasoline. Diesel prices averaged $5.20 per gallon.

The surge in oil prices could complicate the Federal Reserve next interest rate decision on July 29, as higher oil prices can contribute to inflation.

Use the Get the Facts Data Team’s gas price tracker to see how much it will cost to fill in your tank.