Commodities
Brent Crude Breaks $100 as US-Iran Conflict Triggers Tanker Attacks
The price of Brent crude oil has broken above $100 per barrel for the first time since July 24, following the escalation of U.S.-Iran military action.
The conflict has triggered a wave of attacks on commercial shipping, with Iran targeting 10 vessels near the Strait of Hormuz and firing ballistic missiles at a U.S. military base in Jordan.
WTI crude is up $2.00, or 2.15%, from Tuesday's official $93.03 settlement, while Brent has risen $2.71, or 2.77%.
The Strait of Hormuz remains the central risk, as approximately 20% of world oil supply moves through this crucial waterway, which is heavily impaired due to the conflict.