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

Why it matters locally: Higher oil prices could translate to increased fuel costs for South Dakota consumers and businesses, potentially affecting the agricultural sector and transportation expenses across the state. The new tariffs announced by President Trump could also indirectly impact the state's economy depending on the specific goods targeted.

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.