Brent crude oil prices surged past $100 per barrel for the first time since May after the 12th consecutive night of American strikes on Iran, which retaliated with strikes against Jordan and Kuwait.
Brent crude rose 7.4 percent to $101.01 a barrel Thursday. AAA reported the national average price of regular gas at $4.09.
The rise in prices also follows the declaration of a “maritime embargo” against Saudi Arabia by Yemen’s Houthis, who Wednesday claimed missile and drone attacks against two Saudi oil tankers in the Red Sea. In a Truth Social post, President Donald Trump said that the U.S. “will hold Iran responsible” for future Houthi attacks on vessels since “the Houthis are a Surrogate and/or Proxy of Iran” adding that “major military punishment will be inflicted upon Iran and, of course, the Houthis, themselves.”
Trump also indicated further escalation against Iran itself, telling Axios Thursday that he is “considering a massive attack. Bigger than ever before. I am close to making a decision. We are all set for it.”
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Shipping tracker Kpler reported Thursday that “Gulf producers continue loading cargoes, yet confirmed crude transits through the Strait of Hormuz have dropped by 75 percent, leaving more oil accumulating inside the Gulf.” Tanker crossings of Bab al-Mandab, meanwhile, more than halved on Tuesday, according to data from S&P Global Energy, after the Houthis announced their “maritime embargo” of the Strait.
Four GOP members of the House of Representatives joined Democrats on Thursday morning to vote 214–208 in favor of a war powers resolution, directing Trump to halt the U.S. war on Iran, citing a lack of Congressional approval for the war.
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