Iran War Live Updates: Oil Prices Top $100 a Barrel After Houthi Attacks in Red Sea - The New York Times. Iran War Live Updates: Oil Prices Top $100 a Barrel After Houthi Attacks in Red Sea - The New York Times.
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as tumbles for Tesla and Alphabet yank Wall Street lower Dallas NewsShortsighted stock market can no longer brush off war: 'It's too hard to ignore $100 oil' CNBCLive updates: Oil tops $100 a barrel as Red Sea attacks mark new escalation in Iran conflict.
As Iran's chokehold on the strait drags on and oil prices surge — to over $100 per barrel for Brent Crude on Thursday — countries across the Gulf are planning to spend billions of dollars building pipelines to enable them to redirect more supplies to ports along the Red Sea and the Gulf of Oman.
Mideast oil producers reduce their reliance on Hormuz | AP News Menu World SECTIONS Iran war Russia-Ukraine war Español China Asia Pacific Latin America Europe Africa TOP STORIES Yemen's Houthis attack Saudi tankers in the Red Sea, threatening to widen Iran war.
Yemen's Iran-backed Houthi rebels said early Thursday they had attacked two Saudi oil tankers in the Red Sea, a key alternative route to the strait for Saudi oil exports, and the Houthis have previously attacked a Saudi pipeline connecting production hubs in the east to Red Sea ports.
Any additional supplies piped from Saudi Arabia to the Red Sea will also be vulnerable to attacks by Houthi rebels in Yemen, as Thursday's attacks show, according to the latest reporting on the story.
One would take supplies from an oil terminal in Basra — through which more than 3 million barrels were exported daily before the war — to the port of Ceyhan in Turkey, along the Mediterranean Sea.
Before the war in Iran, roughly 15 million barrels of Persian Gulf oil were shipped each day through the Strait of Hormuz, in a development tied to the same story.
Separately, The war has been a wake-up call for Gulf oil producers, who are determined to become less dependent on a transit point that hugs Iran's coast.
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The Saudis' East-West pipeline carries oil across the desert nation from a processing facility in Abqaiq to the city of Yanbu on the Red Sea coast.
Taken together, the new projects to bypass Hormuz could carry an added 3.8 million barrels of oil a day by the end of next year, and 7.3 million barrels per day by the end of 2028, according to analysts at the investment bank Goldman Sachs.
Available information indicates that Oil prices hit $100 for the first time since May.
