Oil Hits $100 as Middle East War Escalates: Hormuz, Houthis, and the Mecca Pact

Brent crude surged $101.21 per barrel Wednesday — a 3.3% jump and the highest close since May — after the US military destroyed five Iranian oil tankers in the Gulf of Oman and near Kharg Island. Iran's Islamic Revolutionary Guard Corps responded by claiming strikes on 10 ships near the Strait of Hormuz, including two US vessels and eight oil tankers. Tehran also fired ballistic missiles at a US base in eastern Jordan, with...