The price of oil breached the $100 threshold on Wednesday for the first time in months, as new flare-ups in the United States’ war with Iran stoked fresh concern for global energy markets.
\n\nThe spike came a day after the U.S. military said it destroyed five Iranian tankers in response to attempted missile attacks on a Navy warship. Tehran responded with attacks on U.S. ships and a base in Jordan, the latest bout of fighting in a conflict that remains unresolved after months of disruption.
\n\nElsewhere new attacks by a Tehran-backed rebel group set oil facilities ablaze in Saudi Arabia and threatened a significant new escalation in that conflict.
\n\nThe international benchmark, Brent crude, rose above the symbolic $100 mark at a little after 3 a.m. ET, before seesawing above and below that level through the early morning.
\n\nWhile about 40 percent higher than pre-war levels, Brent was still below the peak of $120 in the early days of the war.
\n\nThe U.S. benchmark, West Texas Intermediate Crude, is also up by similar levels, at around $95 a barrel.
\n\nThose prices are of significant concern to the White House and Republicans ahead of the Midterm elections, with consumers facing higher…
Original source: https://www.nbcnews.com/