$100 Oil Prices: Tensions with Iran Drive Up Fuel Costs
Brent crude oil has surpassed $100 for the first time since July, reaching $100.96 on Wednesday morning due to escalating tensions between the US and Iran.
The global benchmark for crude oil prices have increased significantly since the US war with Iran began on February 28, with Brent crude rising from $72.99 on February 27 to $119.40 after a week.
The recent shutdown of the Strait of Hormuz, where a fifth of the world's oil passes through, has pushed oil prices up once again.
In response to Iranian attacks on US warships, the US military destroyed five more Iranian oil tankers this week.
President Donald Trump has promised to bring fuel prices down to $2 a gallon, stating 'Right after the election, oil prices are going to be tumbling down. They're going to be tumbling down, and we'll get them down. I think with gasoline, we'll get them below $2 a gallon.'
The national average for regular gasoline has topped $4 for the first time on Labor Day.