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

Why it matters locally: Utah's economy, including its significant transportation and manufacturing sectors, relies heavily on stable fuel prices. Increased oil costs will likely lead to higher operational expenses for businesses and increased prices for consumers.

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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.