Oil hits $100 a barrel for first time since July after US and Houthi strikes

Oil prices surged to a 7-month high on Wednesday, reaching $100 a barrel for the first time since July, after the US and Iran clashed in the Gulf region and Yemen's Houthi rebels targeted Saudi oil facilities. The US military's Central Command said its strikes destroyed five Iranian oil tankers linked to the Islamic Revolution Guard Corps in the Gulf of Oman, while the Houthis reported dozens of Saudi strikes in Yemen. The attacks pushed the price of Brent crude, the global benchmark, to its highest level since late July, when Iran and the US resumed hostilities after a one-month lull. The escalation has sparked fears of further disruptions to global oil supplies, with the effective closure of the Strait of Hormuz waterway in the Gulf resulting in the loss of 20% of the world's oil and liquefied natural gas shipments. The rising oil costs have sparked leaps in petrol prices around the world for motorists. The US and Israel's war with Iran began in February, with Brent crude previously priced at about $70 a barrel. The conflict has also seen Iranian missile and drone attacks on commercial shipping and a US naval blockade of Iranian ports, resulting in the closure of the Strait of Hormuz. The Houthis have been targeting Saudi energy infrastructure and tankers in the Red Sea since July, when a four-year ceasefire in Yemen began unravelling. The attacks have sparked international concern, with the US and other nations calling for calm and a return to diplomacy.