Commodities
$100 Oil: Global Prices Surge Amid Ongoing Iran-US Tensions
The global price of oil has surpassed $100 per barrel for the first time since July as tensions between Iran and the US continue to escalate.
The rise in oil prices follows a statement from the US Central Command, which said its forces destroyed five Islamic Revolutionary Guard Corps oil tankers on Tuesday.
This move prompted IRGC to issue a warning that all oil tankers in Kuwaiti and Bahraini waters should be evacuated, adding to uncertainty over future supply.
Brent crude oil prices climbed by about 2.7%, trading at around $100.57 per barrel for contracts with November deliveries, while US oil traded at about $95 per barrel, up by about 2%.