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

Why it matters locally: Tennessee's transportation and manufacturing sectors, which rely heavily on stable fuel prices, are likely to face increased operating costs due to the surge in oil prices. Consumers could also see higher prices at the pump and for goods transported 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.