Brent Crude Tops $100 as US-Iran Conflict Intensifies
Brent crude oil prices have surged past $100 a barrel for the first time since July, driven by escalating tensions in the Middle East. The conflict between the US and Iran has intensified, with Iranian missile fire into Jordan and Houthi strikes on Saudi energy infrastructure adding to supply fears.
The US military destroyed five Iranian oil tankers after fresh Iranian attempts to strike US warships in the Gulf of Oman, according to The Wall Street Journal. Iran retaliated with a ballistic-missile attack from its territory into Jordan, which was largely neutralized by Jordan's air defenses.
Houthi forces also launched dozens of ballistic missiles and drones at Saudi Aramco facilities in Abha, Najran, and Jazan, as well as King Khalid Air Base in Khamis Mushait. The attacks have kept a substantial geopolitical premium embedded in crude prices.