Brent Crude Tops $100 Amid Escalating Middle East Conflict

Why it matters locally: South Carolina, as a state heavily reliant on transportation for tourism and goods movement, will likely see increased fuel costs at the pump as a direct result of rising global oil prices. Businesses and consumers across the state could experience higher operational and living expenses.

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Brent crude oil prices exceeded $100 per barrel on Thursday, November 2, for the first time in five months. The international benchmark for oil climbed more than 5% during trading hours. This price surge occurred as a conflict in the Middle East continued to intensify. The last time Brent crude reached this price point was in May.