Commodities
Brent Crude Jumps Near $100 as US-Iran Tensions Reach Boiling Point
The price of Brent crude oil has surged to near $100 per barrel as tensions between the US and Iran escalate.
US military strikes on five Iranian oil tankers near the Kharg Island export hub have sparked a sharp increase in prices, with Brent sitting at its highest level in seven weeks and up over 60% year-to-date.
The region has been experiencing escalating tensions for roughly a week now, with Iran-backed Houthi militants striking energy facilities in southern Saudi Arabia days earlier and Iran firing ballistic missiles at Jordan in retaliation for US actions.