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Brent crude oil prices hit $100 a barrel on Thursday for the first time since May, after reports that Yemen's Iran-backed Houthis struck two Saudi oil tankers in the Red Sea. The attacks compromised a critical alternative route used by vessels bypassing the blockaded Strait of Hormuz, according to CNN.
For much of the past year, global markets have absorbed geopolitical shocks with surprising resilience.
Deepening conflict in the Middle East has sent oil prices surging and Treasury yields climbing to levels that have equity investors on edge, raising fears that pain so far largely contained in the bond market could soon spill over into U.S. stocks.
The price of physical crude oil cargoes in the Middle East, Europe and Africa jumped this week to two-month highs with some nearing $110 a barrel, as supply disruptions linked to the Iran and Ukraine wars left buyers scrambling to secure prompt supply from other sources.
The market for Light Sweet Crude Oil has pulled back just a touch during the trading session here on Friday, as we may have gotten a bit overdone.
Brent crude topped $100 for the first time since May as Middle East tensions escalated. Here's which ETFs could benefit and which may come under pressure.
Oil prices fell back below $100 a barrel on Friday from their highest level since early May, but continued tensions between the US and Iran promise that the energy markets will remain elevated.
The absence of fresh overnight escalations between the U.S. and Iran halted the global oil benchmark's upward march, as investors hope leaders seek an off-ramp.
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