Oil prices surged past $100 a barrel on Thursday as Iran-backed Houthi rebels targeted Red Sea shipping and threats by US President Donald Trump to strike them in return sent equity markets slumping.
The international benchmark Brent North Sea oil contract soared more than six percent over the symbolic $100 level, as the attacks potentially opened a new front in the Middle East war and Trump threatened the Houthis with “major military punishment”.
Iran meanwhile vowed to continue striking the Gulf region so long as it remains under attack from US strikes.
Saudi Arabia had been using the Red Sea to export millions of barrels of oil that normally…
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