Brent Crude Nears $100 Amid Escalating US-Iran Conflict

Crude oil futures have reached fresh multi-week highs as concerns over the US-Iran conflict escalate, fueling fears of regional instability and disrupted crude flows through the Strait of Hormuz.

The price surge comes amid reports of further attacks on Saudi Arabia's Jizan refinery, which is one of the Red Sea's largest oil processing plants. The incident is likely to be another Houthi attack, according to recent news.

Iran has also hiked the price of gasoline bought outside subsidized quotas in an effort to combat fuel shortages related to the ongoing war with the US.