Brent crude rose above $100 a barrel on Tuesday for the first time in three months after Iran-backed Houthi fighters attacked oil facilities in southern Saudi Arabia. The benchmark reached $100.03, while a brief move above $100 in late July had reversed during the same session, leaving May as the last month when Brent held above that level. Houthi forces launched dozens of drones and ballistic missiles at Abha, Jazan, Najran and Khamis Mushait. Fires broke out at Saudi Aramco sites, and 73 people were wounded, including women and children. Jazan is home to a refinery that processes 400,000 barrels a day. Saudi military spokesman Maj. Gen. Turki al-Malki called the assault a serious escalation and promised deterrent measures. The attacks followed US strikes on three Iranian oil tankers over the weekend, amid the war between the United States and Iran, which has entered its seventh month. Oil prices have risen roughly $5 since renewed fighting pushed them to a five-week high last week. Hormuz shipping carried 8 million to 9 million barrels a day before fighting resumed on August 30, but flows later fell below 2 million barrels a day, according to Rystad Energy chief economist Claudio Galimberti. Gulf crude exports are now near 11 million barrels a day, down from 18 million before the war. Physical grades, the actual crude available for delivery, are trading between $104 and $105 for Dubai and Oman. David Fyfe, chief economist at Argus Media, said physical markets are extremely tight and that diesel markets are facing a severe shortage. European gas prices reached a three-year high last week, showing that the supply squeeze extends beyond crude. Goldman Sachs raised its Brent forecast by $5 on Tuesday, to $85 for December and $80 for 2027, while warning that prices could move above $120 if Gulf output remains 4 million barrels a day below pre-war levels. Energy is already contributing to US inflation: consumer prices rose 3.4% in the year to July, while gasoline increased 24.6%, the wider energy index rose 14.7% and core inflation stood at 2.5%. August inflation figures are due Friday. Iran has responded to new US proposals with conditions communicated through intermediaries, leaving little indication that the standoff over Hormuz is close to being resolved.