Brent crude tops $100 as Red Sea attacks jolt oil supply fears
Why it matters: Higher fuel costs are pushing US gasoline back above $4 a gallon and could complicate central banks' inflation fight.
Brent crude rose above $100 a barrel on Thursday for the first time since May after renewed Middle East fighting and attacks on Saudi oil tankers in the Red Sea rattled energy markets. The move extended a five-day climb as concerns mounted over disruption to two critical shipping routes: the Red Sea and the Strait of Hormuz. BBC reported Brent gained more than 6%, while average US gasoline prices moved back above $4 a gallon from $3.92 a month earlier, according to AAA. The price spike follows a failed US-Iran ceasefire and fresh US strikes on Iran. Analysts warned sustained gains in oil and gas could feed through to transport, food and other consumer prices and keep interest rates higher for longer.