Commodities
Brent Crude Oil Tops $100 Amid Escalating Tensions in Iran War
Brent crude oil prices have reached $100.96 for the first time since July as tensions escalate in the Iran war.
The global benchmark for crude oil is closely followed by U.S. gas prices, which are expected to rise due to increased demand and supply chain disruptions.
Iran's shutdown of the Strait of Hormuz has led to higher oil prices, with Brent crude rising from $72.99 on February 27 to $119.40 a week later.
The U.S. military has destroyed five more Iranian oil tankers in response to recent attacks on its warships, further contributing to increased tensions and higher oil prices.