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Global oil prices hit $100 a barrel amid attacks in Red Sea

CBS News · back to the audit

Global oil prices topped $100 a barrel on Thursday as the conflict in the Middle East escalated, with Iran-backed Houthi rebels in Yemen targeting shipping in the Red Sea. Brent crude, the international standard, rose $5.76, or 6.1%, to settle at $100.69 a barrel. There's now a 36% probability the Fed could increase its benchmark rate on July 29, according to CME FedWatch. A week ago, that probability stood at about 11%. The last time global oil prices settled above $100 was on May 22. Gas prices hit $4.09 a gallon nationally.