Oil soars above $100 as Middle East fears grow

Oil prices surged past $100 a barrel on Thursday as Iran-backed Houthi rebels targeted Red Sea shipping and threats by US President Donald Trump to strike them in return sent equity markets slumping.
Saudi Arabia had been using the Red Sea to export millions of barrels of oil that normally flowed through the Strait of Hormuz, so the closure of that shipping channel would remove more oil from the market. ...