Crude Prices Surge Past $100 as Middle East Shipping Attacks Escalate

The September ICE Brent contract jumped $6.83 to $100.90 per barrel, while the September West Texas Intermediate contract climbed $5.64 to reach $92.47. Refined products followed the upward trend, with August ULSD gaining 21.44 cents to $4.3632 per gallon and August RBOB rising to $3.4771 per gallon.

Market volatility intensified as the Bab al-Mandeb Strait increasingly serves as a primary export route for Saudi crude, filling the gap left by restricted traffic through the Strait of Hormuz. Heightening the geopolitical tension, President Trump warned that the U.S. would hold Iran accountable for further Houthi actions, threatening military consequences. The sudden surge in energy costs rattled broader financial markets, contributing to a drop of more than 500 points in the Dow Jones Industrial Average as investors reacted to the threat of a widening conflict.