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Commodities

$100 Oil Prices Soar Amid Tensions with Iran

Guavy AI Editorial Team
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Oil
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The global price of oil has surpassed $100 per barrel for the first time since July, driven by ongoing tensions between Iran and the US.

On Tuesday, US Central Command reported that its forces had destroyed five Islamic Revolutionary Guard Corps oil tankers in a strike.

This led to an IRGC warning advising all oil tankers in Kuwaiti and Bahrani waters to evacuate immediately.

Brent crude oil prices, used as a benchmark for global trading, rose by approximately 2.7% on Wednesday, reaching $100.57 per barrel for contracts with November deliveries.

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