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

Why it matters locally: Higher oil prices will likely translate to increased costs at the pump for Delaware residents and businesses. The broader economic implications of sustained high oil prices, combined with new tariffs, could also affect shipping and transportation costs for goods entering and leaving the state.

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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.