Brent Crude Oil Surpasses $100 Amid Escalating Iran Tensions
Brent crude oil has surpassed $100 for the first time since July due to escalating tensions in the Iran war. This milestone marks a significant increase from its price of $72.99 on February 27, just before the US-Iran conflict escalated.
The Strait of Hormuz, which accounts for a fifth of the world's oil supply, has been at the center of recent developments. Following Iran's shutdown of the strait and subsequent attacks on US warships, global oil prices have risen. This week, the US military reported destroying five more Iranian oil tankers in response to these latest attacks.
The price of Brent crude oil rose to $100.96 when markets opened on Wednesday morning. As oil prices are closely tied to supply and demand in the world market, this surge is likely to impact U.S. gas prices as well.