Brent crude oil rises above $100 amid Iran conflict escalation

Oil prices jumped sharply on Thursday after Houthi forces attacked two oil tankers in the Red Sea. Brent crude closed at around $100.50 per barrel, up roughly 8% on the day. During trading, prices reached as high as $102. This was the highest level in about eight weeks. The attacks were notable because they happened outside the Strait of Hormuz, where previous attacks had taken place. Investors worried that a wider conflict could cut oil supplies from the Persian Gulf for a long time. Stock markets fell in response. The S&P 500 dropped 1.5%, the Dow Jones fell 1.6%, and the Nasdaq lost 1.8%. Higher oil prices can push up costs across the economy, which increases inflation.