Image@ Reuters
Global oil prices have climbed above $100 a barrel following a fresh wave of military attacks involving the United States, Iran and Yemen’s Houthi movement.
Brent crude, the international benchmark, briefly exceeded the $100 mark on Wednesday before retreating to about $99.90.
The price represents its highest level since late July, when an earlier truce between Washington and Tehran broke down.
The latest increase has been driven by growing fears that the conflict could further disrupt crude supplies across the Middle East.
The United States launched attacks on five Iranian oil tankers after Iran fired ballistic missiles at an American naval vessel.
US Central Command said the targeted ships were allegedly connected to a multibillion-dollar network supporting Iran’s Islamic Revolutionary Guard Corps and allied groups in the region.
Four of the vessels were struck in the Gulf of Oman, while another was attacked near Kharg Island, a key Iranian petroleum export hub. The M/T Riesco subsequently sank in the Gulf of Oman, according to US officials.
Iran retaliated with missile attacks on a US military installation in Jordan, although most of the projectiles were intercepted.
Tehran also claimed to have attacked two American vessels and eight oil tankers operating in the Strait of Hormuz.
The strategic waterway has become a major concern for international energy markets because it normally handles roughly one-fifth of global oil and liquefied natural gas shipments.
Iran’s Kharg Island is particularly important to the country’s petroleum industry, with approximately 90% of Iranian crude exports passing through the facility after being transported from the mainland by pipeline.
The situation has been further complicated by renewed fighting between Saudi Arabia and the Houthis.
The Iran-aligned Yemeni group launched drones and missiles at Saudi territory on Tuesday, striking energy installations and other civilian infrastructure.
Saudi authorities said the attacks injured 73 people and triggered fires at petroleum facilities, temporarily interrupting operations.
The Houthis have accused Riyadh of carrying out an air raid on a detention facility in al-Hazm on Monday, claiming that 11 people were killed.
Saudi officials, meanwhile, reported attacks on civilian and economic targets in Abha, Khamis Mushait, Jazan and Najran.
The escalation follows months of instability across the region, with the latest US-Iran confrontation coming more than six months after Washington and Israel began military operations against Iran on 28 February.
The conflict has caused significant volatility in international energy markets.
Brent crude was trading at around $70 a barrel before the fighting began but has since experienced sharp fluctuations.
The disruption around the Strait of Hormuz has intensified concerns over global supplies, while higher crude prices have contributed to increased fuel costs for motorists in several countries.
US Secretary of State Marco Rubio defended Washington’s latest response, saying Iran’s continued attempts to strike American naval assets would lead to further attacks on Iranian oil shipments.
The latest US operation followed an announcement by Iran’s Navy that it had captured an American unmanned underwater vehicle in the Strait of Hormuz.
However, US Navy Captain Tim Hawkins, a Centcom spokesman, said the device had malfunctioned more than 24 hours earlier while conducting surveillance in regional waters as part of ongoing military operations.
He said the equipment was an older model that did not gather classified information and was not fitted with sensitive sonar or radar technology.
With military exchanges continuing across several parts of the region, analysts warn that another major escalation could send crude prices considerably higher.
By: Magdalene Agyeiwaa Sarpong