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Oil prices hit $100 for the first time since May

BBC · back to the audit

Oil prices hit $100 a barrel for the first time since May as the escalating conflict in the Middle East reignited fears over global energy supplies. Brent crude - the global benchmark for oil prices - rose more than 6% on Thursday following several days of increases as the US stepped up military strikes against Iran. Prices spiked after Houthi militia in Yemen attacked oil tankers in the Red Sea, threatening a key export route that Saudi Arabia has used to bypass the Strait of Hormuz. Average gasoline prices in the US have surpassed $4 a gallon once more, up from $3.92 a month ago.