Global oil prices<\/a> on Thursday crossed $100 a barrel for the first time since May, after Houthi militants in Yemen claimed to have struck two Saudi tankers in the Red Sea.<\/p>\n The reported attack, which came alongside continued strikes<\/a> between the United States and Iran, threatened to worsen an oil shock that had already amounted to one of the largest in history.<\/p>\n Brent crude futures, the benchmark index for worldwide trading, briefly topped $100 a barrel on Thursday morning, before dropping to $99.70. That figure marked a roughly 28% increase over the past month, catapulting crude prices to their highest level since May 26.<\/p>\n Major stock indexes tumbled on Thursday in response to surging energy costs. The Dow Jones Industrial Average fell 375 points, or 0.7%, while the S&P 500 declined 0.7%. The tech-heavy Nasdaq dropped 1.4%.<\/p>\n A person pumps gas at a Valero gas station on June 25, 2026 in Austin, Texas.<\/span><\/span><\/span><\/p>\n Brandon Bell\/Getty Images<\/span><\/p>\n<\/div>\n<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/div>\n The jump in oil prices over recent weeks marked a turnabout for crude costs, which account for a large share of the price of auto gasoline. The average price of a gallon of gas currently stands at $4.09, according to AAA<\/a>, after having topped<\/a> $4 earlier this week.<\/p>\n Last month, oil prices briefly fell to their lowest level since before the late February outbreak of the Iran war on news that a preliminary agreement to end the war had been reached.<\/p>\n A resumption of large-scale fighting between the U.S. and Iran, however, has imperiled that deal.<\/p>\n![\"Austin\"](\"https:\/\/i.abcnewsfe.com\/a\/4961a91b-6d1e-4376-a7fb-1b12e45bad70\/gas-pump-gty-jef-260723_1784814540150_hpEmbed_3x2.jpg?w=375 "\\"Austin\\"")
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