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

Oil prices climbed above $100 per barrel on Wednesday, marking the first time the commodity has reached this threshold since July. The increase follows a series of military engagements involving the United States and Iranian forces, as well as ongoing Houthi attacks in Saudi Arabia.

The market volatility was triggered by a cycle of retaliatory strikes. The United States military targeted five Iranian tankers in response to an earlier attack by Tehran on a U.S. warship, exacerbating regional tensions and impacting global energy markets.