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

Why it matters locally: As a major metropolitan area with significant commuter traffic and a large federal workforce, rising oil prices may directly affect the cost of transportation and goods for residents of the District of Columbia. The renewed tariffs could also have an indirect impact on consumer prices.

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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.