Drivers to Endure More Pain as Oil Rockets Back toward $100 per Barrel

Oil soared near $100 per barrel Tuesday morning, a price not seen since July, after the U.S. attacked three Iranian tankers in the Strait of Hormuz and Iran announced it will stop vessels traveling through the area without its permission.

Shipping through the strait over this past weekend dropped to its lowest level since May, according to tracking data.

China's renewed appetite for foreign crude oil, after it curbed its imports at the outset of the Iranian conflict, is exacerbating the shortage. Attacks on oil infrastructure amid the war in Ukraine are also adding to the squeeze.

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