Brent Crude Hits $100 per Barrel Amid Escalating US-Iran Tensions

Brent crude oil prices hit $100 per barrel for the first time since July 24 amid escalating tensions between the US and Iran.

The price surge came as the US Central Command reported that it had destroyed five Iranian crude oil carriers after the Islamic Revolutionary Guard Corps targeted a US Navy warship with ballistic missiles.

'Oil prices hit triple digits as the US and Iran continue to exchange military strikes, which continues to pile upwards pressure on oil prices and bond yields,' said Neil Wilson, UK investor strategist at Saxo Markets.

Kathleen Brooks, research director at XTB, pointed out that $100 a barrel is a 'psychological level that matters for markets.' When the oil price rises above this level, it gives many central banks 'no choice but to hike rates,' she said.