Commodities
Brent Crude Price Nears $100 as US-Iran Tensions Escalate
The Brent crude oil price has surged to near $100 per barrel due to escalating tensions between the US and Iran, particularly around the Strait of Hormuz.
US President Donald Trump vowed to hit Iran hard after the US bombed Iran's Larak Island, which prompted retaliatory strikes from Iran targeting US military bases in Jordan and the United Arab Emirates.
The US Central Command said it struck air defense and communications sites, and radar systems in Iran, in retaliation against 'recent attempted attacks' by Iran against commercial shipping in the Strait of Hormuz and against US service members.
Brent crude prices have hovered near $97 per barrel, with some experts predicting a potential rise to triple digits this week.