Brent Crude Tops $100 Amid Escalating US-Iran Tensions

The global benchmark for crude oil, Brent crude, has topped $100 for the first time since July due to escalating tensions between the US and Iran. The price of Brent crude reached $100.96 when markets opened on Wednesday morning.

The conflict in the Middle East is affecting global oil prices, which are closely followed by U.S. gas prices. Since the US war with Iran began on February 28, global oil prices have risen significantly.

On February 27, the price of Brent crude was $72.99, but it rose to $119.40 after a week following the shutdown of the Strait of Hormuz by Iran. The Strait is a critical waterway where about one-fifth of the world's oil passes through.