Oil prices are nearing $100 per barrel again as the war in the Middle East drags on, with both U.S. and international crude benchmarks rising after Iran-aligned militants in Yemen struck energy infrastructure in Saudi Arabia; the U.S. also hit Iranian oil tankers after Iran targeted two Navy ships.

While the conflict with Iran centering around the Strait of Hormuz, a key chokepoint for global oil and natural gas shipments, continues to grab energy headlines, Russia’s war with Ukraine is dragging on and adding its own support to energy prices.

“The Strait of Hormuz is driving the headline oil shock, but the growing number of strikes on Russian energy infrastructure is increasingly the story behind stubbornly high diesel and gasoline…