Iran Conflict Drives Oil Prices Past $100 Per Barrel

The ongoing conflict between Iran and the United States has escalated, driving oil prices above $100 per barrel. On Wednesday, Iran's Revolutionary Guards attacked two US vessels, eight oil tankers, and 10 'non-compliant vessels' trying to pass through the Strait of Hormuz.

The attacks came as part of a six-month war between the two nations, with Tehran choking off the strategic waterway and Washington pressing a counter-blockade of Iranian ports. The Gulf of Oman, which lies on the Indian Ocean side of the narrow strait, was also added to Iran's 'prohibited zone' where vessels will be subject to sanctions.

The US military had previously destroyed five Iranian oil tankers, leading to a warning from Secretary of State Marco Rubio that 'for every time they try to hit US naval ships, they're going to lose tankers.'