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

Why it matters locally: South Carolina, a state heavily reliant on transportation for tourism and industry, will likely see increased fuel costs directly affecting consumers and businesses across various sectors, including its key manufacturing and agricultural industries.

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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.