Brent crude futures hit $100 a barrel amid fears of prolonged supply disruptions after fresh U.S.-Iranian attacks added to an escalating conflict.
Brent crude spiked above $99 a barrel before paring gains.
American drivers just paid the highest Labor Day gasoline prices ever. Dwindling global refinery capacity is threatening to push prices higher.
Prices were on the rise after the Saudi energy ministry – the world's largest oil exporter – said operations at some of its facilities had been disrupted by strikes from Iran-aligned Houthis.
Brent crude was on the brink of $100 a barrel Tuesday and central banks have to face the prospect of sustained energy-price inflation.
In the span of just three months, Goldman Sachs analysts have gone from lowering their oil-price forecasts to hiking them.
Brent crude climbs after reports of Houthi attacks on Saudi Arabia
The tit-for-tat strikes over the weekend that have sent oil higher also pushed up gas prices. Goldman Sachs raised its forecasts for Brent and WTI prices by $5 to $85 and $80 per barrel, respectively for Dec. 2026.
Oil rose in early Asian trade amid fears of more supply disruptions in the Middle East.
“There actually is a little bit of good news on the horizon for most of the country,” an oil industry expert told The Post.
U.S. stock futures were mixed and Treasurys didn't trade, as U.S. investors break for Labor Day.
Oil prices climbed in Asian trade Monday morning as escalating tensions in the U.S.-Iran conflict stoked concerns over potential supply disruptions in the Middle East.