$100 Oil Returns as US-Iran Tensions Escalate
Oil prices have surged to levels not seen since July, surpassing $100 a barrel for global benchmark Brent crude and $95 for West Texas Intermediate (WTI) on Wednesday.
The jump came as renewed fighting in the Gulf between the US and Iran raised concerns about constrained oil supplies and increased pressure on prices. The US destroyed several Iranian oil tankers over the weekend, and energy facilities in Saudi Arabia were attacked by Iran-allied militant groups, further exacerbating tensions.
Before the recent escalation, oil supplies were already under pressure due to traffic through the Strait of Hormuz remaining below pre-war levels. Attacks on other Gulf nations' energy facilities have also added to price pressures, squeezing global oil supplies even more.