Brent crude tops $100 as Red Sea tanker attacks jolt markets
Why it matters: Higher oil and bond yields are reviving inflation fears and pushing US gasoline prices back above $4 a gallon.
Brent crude rose above $100 a barrel on Thursday for the first time since May after attacks on oil tankers in the Red Sea deepened fears of supply disruption tied to the renewed Middle East conflict. US stocks fell as investors also digested a jump in Treasury yields, with the 10-year yield moving above 4.7%, its highest level since January 2025. West Texas Intermediate climbed about 6% to $92 a barrel. The move adds pressure to consumer prices: US average gasoline prices have climbed back above $4 a gallon from $3.92 a month ago, while UK petrol prices have risen 5 pence a liter since early July. Analysts warned sustained energy gains could complicate central bank plans to cut interest rates.