Crude Oil Prices Soar Above $100 Per Barrel Amid US-Iran Tensions

Rising tensions between the US and Iran have sent crude oil prices soaring above $100 per barrel. This marks the first time Brent crude has reached this level since July 24.

The main reason for this latest rise in oil prices is the new military clashes that have erupted between the United States and Iran. In a statement issued late Tuesday night, the US Central Command said that the American military had destroyed five Iranian oil tankers.

The closure of the Strait of Hormuz has also contributed to the increase in crude oil prices. This waterway connects the Persian Gulf with the Arabian Sea and is used by countries such as Saudi Arabia, Iraq, and Kuwait for their exports. India imports 50% of its crude oil requirements and 54% of its LNG through this route.