Brent crude reaches $104 as Trump warns of US-Iran standoff
Brent crude oil just shot up to $104 a barrel, its highest since May, thanks to ongoing tensions between Iran and the US.
A senior official from the Islamic Republic is threatening more strikes if the US continues attacking its territory, and President Trump says this standoff could drag on past November's elections.
Saudi output falls after Houthi threats
Saudi Arabia's oil output dropped sharply in August after Houthi rebel threats to disrupt shipments, hitting its lowest level this year.
Meanwhile, China, the world's biggest oil buyer, is snapping up more barrels, making supplies even tighter.
Analysts think strong demand from China could keep prices climbing, but if imports slow down, that might cool things off a bit.
$100 oil contracts stoke inflation fears
With Brent up 30% since August and natural gas and diesel prices rising too, people are getting concerned about energy-driven inflation.
Physical oil contracts have been trading above $100 since early September as supply fears grow.