Brent Crude Surges Past $100 Per Barrel Amid Escalating Iran Tensions

Oil prices have surged above $100 per barrel for the first time since July after the latest round of strikes in the Iran war. US officials confirmed that multiple Iranian oil tankers were targeted in response to attempted missile attacks on a Navy warship.

The price of Brent crude oil rose by around 2% on Wednesday, briefly surpassing $100 per barrel before dipping to around $99.50. The escalation of tensions between the US and Iran continues to weigh on hopes for a peace deal this year.

Rising oil costs and disruption to supplies are influencing fuel prices, which have increased further in recent days. Petrol at UK forecourts has risen by 4.4p per litre since September 1, while diesel has increased by 4.1p per litre.