Brent Crude Oil Tops $100 Amid US-Iran Conflict

Brent crude oil prices have surpassed $100 for the first time since July, reaching a high of $100.96 on Wednesday morning.

The global benchmark for crude oil has been affected by the ongoing conflict between the US and Iran, with tensions escalating in recent weeks.

According to market trends, U.S. gas prices closely follow movements in the global market, so it's likely that domestic prices will rise in response to this development.

The Strait of Hormuz, which is a critical shipping lane for oil, has been shut down by Iran, causing supply chain disruptions and contributing to higher prices.

President Donald Trump has promised to bring fuel prices down, stating 'Right after the election, oil prices are going to be tumbling down. They're going to be tumbling down, and we'll get them down.' He also mentioned a target of $2 per gallon for gasoline.