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

Why it matters locally: New Jersey consumers may see increased costs at the pump and for goods transported by truck, as higher oil prices typically translate to increased gasoline and transportation expenses. The new tariffs could also impact industries reliant on imported materials or those exporting goods.

---

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.