Business
Oil Prices Rise Above $100 a Barrel
U.S. oil futures opened trading Sunday evening by rising above $100 a barrel, adding to a late Friday rally driven by fears of a prolonged war in the Middle East.
U.S. oil futures have risen about 50% since the U.S. and Israel began bombing Iran late last month, trading around $103 a barrel Sunday evening. Brent crude, an international gauge, rose above $108 a barrel at the open. Diplomatic talks slowed futures’ sharp climb last week, when U.S. benchmark barrels added just 1.4%. But prices ended the week on the ascent.
They were pushed higher by concerns that Iran’s Houthi allies would join the fighting and disrupt shipments of oil that have been diverted by Saudi Arabia away from the blocked Strait of Hormuz to a Red Sea port. More U.S. troops massed in the Middle East, and Iran threatened reprisal if the U.S. launched a ground invasion.
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