$100 Oil Prices Return Amid Renewed Iran Fighting Threat

Oil prices have surpassed their pre-war highs, reaching $100 per barrel for Brent crude and $95 per barrel for West Texas Intermediate. The surge comes after renewed fighting in the Gulf region, with the US destroying several Iranian oil tankers over the weekend.

The tensions in the area have led to constrained supplies, adding pressure on prices. Energy facilities in Saudi Arabia were also attacked by Iran-allied militant groups, further exacerbating the situation.

Before the recent escalation, energy prices had retreated after a preliminary deal between Washington and Tehran was reached earlier this summer. However, several rounds of negotiation yielded little progress, and the deal eventually collapsed amid threats to and attacks on tankers in the strait.