Brent Crude Approaches $100 After Saudi Energy Infrastructure Incident

Why it matters locally: While California is less reliant on foreign oil than some other states due to its own production and strict emissions standards, a significant rise in Brent crude prices could still translate to higher gasoline and diesel costs for consumers and businesses statewide.

London — Brent crude, the international benchmark for oil prices, climbed to $99 a barrel after Saudi Arabia reported an attack on its energy infrastructure. Saudi authorities confirmed the incident. They stated the attack caused temporary disruptions to operations at the affected energy assets. Following the announcement, investors reacted to the news. The price of Brent crude reflected this market response.