Brent crude tops $100 amid Middle East supply worries
Business
Brent crude oil just crossed the $100 a barrel mark, thanks to rising tensions and supply worries in the Middle East.
The price gap between Brent and US oil (WTI) is now nearly $12, with Brent at about $103.
This spike has everyone on edge about possible global supply issues.
Hormuz threats unsettle oil markets
The Strait of Hormuz, a vital route for shipping oil, has seen security threats and tanker attacks, pushing up costs and keeping markets nervous.
While Saudi Arabia's pipeline recovery helps a bit by offering an alternate route, things are still shaky.
For countries like India that import most of their oil, these high prices plus a strong US dollar could mean pricier fuel and more strain on wallets back home.