Oil Prices Reach $100 Per Barrel Following Red Sea Tanker Attacks

Why it matters locally: Higher oil prices could increase transportation and production costs for Alabama's key industries, including manufacturing and agriculture, potentially affecting consumer prices across the state.

Oil prices reached $100 per barrel following an attack on two Saudi tankers in the Red Sea. Houthi rebels, identified as being backed by Iran, carried out the attack. In a separate development, President Trump announced a new set of tariffs. These new tariffs replace previous ones that had expired.