Global Oil Prices Hit Highest Level in 5 Months

By Staff, Agencies

Global oil prices climbed to their highest level in five months on Tuesday after Iran and its claimed attacks on oil infrastructure in the Middle East.

The Brent crude futures price, a benchmark for global trading, topped $111 a barrel for the first time since May before retreating to $110.30 a barrel. The latest reading marks a rise of more than 55% since the Iran war began in late February.

An oil shortage continues to bedevil crude sellers, who typically pass along elevated costs to refiners, leading to higher prices at the pump.

The United Kingdom Maritime Trade Operations Center, or UKMTO, on Tuesday issued an advisory after it received a report of an incident involving a tanker and military forces off the coast of Oman.

Separately, the Islamic Revolutionary Guards announced that two oil tankers hit naval mines south of the Strait of Hormuz.

The reports came a day after Yemeni Forces declared that a wave of strikes on Saudia Arabia on Monday, including the Shaybah oil field as well as Saudi Aramco facilities in Yanbu, a port city near a key transport corridor on the Red Sea.

The West Texas Intermediate futures price, a benchmark index for US trading, also jumped on Tuesday. The price of US oil prices stands at $105.75, a rise of more than 60% since the outbreak of the war.

The jump in oil prices arrived as affordability marks a top concern for voters ahead of early November's midterm elections.

The average price of a gallon of gas in the US clocked in at $4.27 on Tuesday, according to AAA. That figure amounts to a rise of nearly $1.30 since the start late February.