$100 Oil Prices Surge Amid Escalating US-Iran Tensions

Global oil prices have surged to $100 per barrel for the first time since July amid escalating tensions in the Middle East. The price of Brent crude, the international benchmark, rose by 2.3% on Wednesday before falling back slightly.

The increase comes as a result of ongoing conflicts between the US and Iran, with the US striking Iranian oil tankers and Iran-backed Houthis attacking Saudi Arabia. This has led to traders monitoring oil tanker traffic through the Strait of Hormuz, a vital waterway for global oil supply.

Since the US-Iran war began in February, oil prices have remained unstable globally due to the closure of the Strait of Hormuz, which has hampered the global supply of liquefied natural gas. The recent surge in prices is also attributed to the US striking four Iranian tankers and one near Kharg Island as a retaliation for an attempted ballistic missile attack on a US Navy warship.