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US oil prices surge above $100 for first time since May 21

  • Yemen’s Houthis seized the port city of Mocha and moved toward the Bab el-Mandeb Strait.
  • 50%: US oil prices’ reported increase since July 2.
  • US oil prices exceeded $100 a barrel for the first time since May 21.

US oil prices climbed above $100 a barrel for the first time since May 21, according to the report. The move came as Yemen’s Houthis seized the port city of Mocha and advanced toward the Bab el-Mandeb Strait, a key maritime passage. Prices are officially up 50% since July 2.

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