Brent Crude Surges Above $100 Amid Escalating US-Iran Tensions
The price of Brent crude oil has surpassed $100 per barrel for the second time this week, following recent escalations in tensions between the US and Iran in the Middle East.
The conflict began when the US claimed to have destroyed five Iranian oil tankers in the Gulf of Oman and the Persian Gulf as retaliation for an Iranian attack on an American warship. Iran responded by targeting American military targets in Jordan and attacking eight oil tankers and two American ships in the Strait of Hormuz.
The pro-Iranian Houthi rebels in Yemen also attacked oil installations in Saudi Arabia, further fueling the price increase.
Another contributing factor is an uptick in Chinese crude oil purchases. The recent turmoil has sent shockwaves through global energy markets, pushing Brent crude prices above $100 per barrel for a second time this week.