Brent crude tops $100 a barrel amid U.S.-Iran tensions
Brent crude oil just crossed $100 a barrel for the first time in weeks, mainly because tensions between the US and Iran are making people nervous about oil supplies from the Middle East.
Prices have already jumped 25% since early August, and this latest spike is all about worries that more conflict could mean less oil for everyone.
Houthi attacks heighten shipping concerns
Both Brent and US WTI crude prices climbed on Wednesday as fighting in the region continues.
Recent Houthi attacks on Saudi oil facilities have sparked fires and raised fresh concerns about safe shipping routes, especially since the Red Sea is an important alternative route to the Strait of Hormuz.
The International Energy Agency says global supply could drop by 4.3 million barrels a day this year, and actual shipments through Hormuz have already fallen from around 8 to 9 million to under 2 million barrels a day since late August.
All these issues are putting extra pressure on prices and making energy markets pretty anxious right now.