Brent Crude Prices Near $100 Amid Escalating US-Iran Tensions

Brent crude prices neared $100 a barrel on Wednesday as tensions between the US and Iran escalated, sparking concerns over potential disruptions to global oil supplies.

The international benchmark Brent crude futures for November delivery were trading at $99.48 a barrel by 09:49 a.m. local time (06:49 GMT), up 1.6% from the previous close of $97.92.

The price hike was driven by concerns over a wider regional conflict, particularly through the strategic Strait of Hormuz.

Iran's Islamic Revolutionary Guard Corps claimed its naval forces had targeted two US vessels and eight oil tankers in the Persian Gulf, saying the attacks were 'carried out in response to US aggression.'