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

Why it matters locally: Colorado's key industries, including agriculture and tourism, are particularly vulnerable to fluctuating fuel costs. Increased oil prices are likely to translate to higher operational expenses for businesses and potentially increased consumer prices for goods and services across 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.