Oil Tops $101 as Iran War, Houthi Strikes Rattle Markets — SkimNews
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- Brent crude jumped 3.3% to close at $101.21 per barrel on Wednesday, while US crude rose 3.2% to $96.05 — both their highest closing levels since May 22, as the US-Iran conflict drove new supply fears.
- Oil benchmarks have climbed nearly 70% since the start of 2026 and nearly 40% since the Iran war began on Feb. 28, according to NBC News.
- The spike followed the US military's destruction of five Iranian tankers in response to attempted missile attacks on a Navy warship, after which Tehran struck US ships and a base in Jordan.
- Iran-backed Houthi rebels attacked Saudi Arabian oil facilities this week, setting oil sites ablaze in what NBC News called a significant expansion of the conflict with a key US ally.
- President Trump told reporters Wednesday that gas prices would come "tumbling down" below $2 per gallon — but not until "right after the election" in November, with current gas at $4.22, the highest since June 5.
- Commodities experts warned earlier in the week that Brent crude could climb to $120 or even $150 per barrel if the stalemate with Iran continues.
- The Strait of Hormuz, which carries a fifth of the world's oil supply, remains throttled by Tehran, though the US military has restored some shipping traffic through the waterway.
Why it matters: Consumers are already paying $4.22 a gallon at the pump — the highest since June — and experts warn Brent crude could double to $150 if the stalemate drags on, putting direct pressure on Trump's GOP ahead of November midterms as he promises sub-$2 gas only after voters cast ballots.
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