$100 Oil: US-Iran Tensions Drive Global Prices to Six-Month High

Oil prices surged past $100 a barrel for the first time since July as tensions between the US and Iran escalated, threatening to increase costs for consumers and businesses worldwide.

Brent crude, the international standard, climbed into triple digits, settling at $101.21 a barrel on Wednesday, while US benchmark crude finished at $96.05 a barrel.

The latest surge in oil prices follows renewed hostilities around the Persian Gulf, with US forces destroying five Iranian oil tankers and an Iranian-backed Houthi rebel group striking oil facilities in Saudi Arabia.

Analysts warn that prolonged high oil prices could worsen economic fallout, particularly for countries reliant on imports from the Middle East. As a result, diesel and gasoline prices have skyrocketed globally, with some countries experiencing price hikes of over 90% since the start of the war.