Brent Crude Tops $100 After Reports of Tanker Attacks Near Saudi Arabia. Should Investors Buy Oil Stocks Now?
Oil is back over $100 a barrel amid additional supply disruptions.
Overview
Brent oil, the global benchmark, soared about 7% on Thursday to more than $100 a barrel. Crude surged after Yemen’s Houthi militants reportedly attacked two Saudi Arabian oil tankers in the Red Sea. Saudi Arabia has been using the Red Sea to bypass the Strait of Hormuz due to Iranian attacks on ships trying to move through that key waterway. President Trump also threatened “major military punishment” on Iran and the Houthis if they attack again.
Here’s a look at the current situation in the oil market and whether now’s the time to buy oil stocks.
Image source: Getty Images.
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Originally published at www.fool.com.
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