Brent Crude Oil Tops $100 Amid Escalating US-Iran Tensions

Brent crude oil prices have breached $100 for the first time since July due to escalating tensions between the US and Iran. The global benchmark reached a high of $100.96 on Wednesday morning, with oil prices closely following movements in the world market.

Since the US war with Iran began on February 28, global oil prices have risen sharply. On February 27, Brent crude oil was priced at $72.99, but rose to $119.40 after a week of escalating tensions.

The Strait of Hormuz, through which a fifth of the world's oil passes, has been shut down by Iran, contributing to the price surge. The US military has also destroyed five more Iranian oil tankers in response to attacks on its warships, further driving up prices.