Brent Crude Soars Above $99 as Iran-US Tensions Escalate

Oil prices surged for a fourth consecutive day on Wednesday after Iran's latest attacks on US military assets in the Gulf. Brent crude futures rose $1.57, or 1.6%, to $99.49 a barrel by 0001 GMT, while US West Texas Intermediate crude was at $94.63 a barrel, up $1.60, or 1.72%. This marks a quarter increase since early August as hopes for a permanent resolution to the six-month-old war between Washington and Tehran faded.

The latest round of attacks saw Iran's Revolutionary Guards targeting two US destroyers and what they described as a US base in Jordan's Al Azraq with ballistic missiles. However, Jordan's air-defence systems destroyed 18 of the 20 ballistic missiles originating from Iranian territory, while two missiles fell in unpopulated areas without causing any casualties.

U.S. Secretary of State Marco Rubio warned Iran that the U.S. would continue to strike Iranian oil tankers in retaliation for attempted attacks on US warships. 'Iran continues to try to hit US naval ships, and for every time they do that or try to do that, they're going to lose tankers,' Rubio said.