$100/Barrel
Oil prices surpassed $100/barrel for the first time in four years.
Context
The Middle East war has forced oil-carrying ships to stop crossing the Strait of Hormuz, which has filled storage capacity in Iraq, Kuwait, and other oil-producing countries. They’re now cutting back on production, sending oil prices higher.
High Prices
On Friday, the price of a barrel of crude oil hit $93, and a growing number of investors were predicting that oil would hit $100/barrel, a benchmark synonymous with high oil and gas prices.
On Monday morning, prices hit $110 on before retreating to $101, the highest price since 2022.
