Brent Crude Tops $100 Amid Escalating US-Iran Tensions

Brent crude oil prices have reached $100.96 for the first time since July due to escalating tensions between the U.S. and Iran.

The global benchmark for crude oil is priced based on supply and demand in the world market, with U.S. gas prices closely following movements in the global market.

Since the U.S. war with Iran began on February 28, global oil prices have risen significantly, from $72.99 to $119.40 after a week.

The recent developments in the Strait of Hormuz, where a fifth of the world's oil passes through, are pushing oil prices up once again.