Oil nears $100 after Saudi Arabia energy infrastructure attacked

Brent, the international oil benchmark, touched $99 a barrel after Saudi Arabia reported an attack on energy assets that caused temporary pauses in operations.

Brent, the international oil benchmark, touched $99 per barrel Tuesday after Saudi Arabia reported an attack on energy assets that caused temporary pauses in operations.

U.S. crude oil also rose by more than 2.5% to nearly $94 per barrel. Wholesale gas prices rose 1.4%.

The state-run Saudi Press Agency said the attacks were carried out by the “terrorist” Houthis. It also said that 73 civilians were injured following the attacks. The Saudis also condemned the Houthis’ attacks on commercial vessels in the Red Sea, which is to the west of Saudi Arabia, and their “threats to freedom of international maritime navigation.” Saudi Arabia is the world’s largest oil exporter.

The latest escalation came after the U.S. on Sunday struck three Iranian oil tankers, sinking one of the vessels. The strikes came after Iran launched ballistic missiles toward U.S. Navy ships.

The renewed hostilities have kept Strait of Hormuz traffic at a minimum, with just four ships passing through the waterway Saturday, followed by six passings Sunday. Before the war, the strait carried more than 20% of the world’s energy supply as that oil shipped to ports around the globe.