Crude Prices Soar Above $100 Amid Escalating Middle East Conflict

The ongoing conflict in the Middle East has taken a dramatic turn, pushing crude prices above $100 per barrel for the first time since May. The surge was triggered by fresh strikes on Iran after Tehran-backed Houthi rebels attacked oil tankers in the Red Sea.

According to Al-Monitor, the United States launched its 13th consecutive night of attacks on Iranian military targets, with US missiles hitting the southwestern city of Ahvaz and the port city of Bandar Abbas. The goal is to 'hold Iran accountable and diminish threats from the Islamic Revolutionary Guard Corps to commercial shipping.'

US President Donald Trump has vowed to use frozen Iranian assets to pay for any damage to shipping, a move Tehran warned would set an 'incendiary precedent.' UN Secretary-General Antonio Guterres expressed alarm, stating that 'the situation is getting out of control' and warning against further escalation.