Iran Strikes US Vessels, Sending Brent Crude Soaring Above $100

Brent crude futures surged above $100 per barrel on Wednesday after Iran's Islamic Revolutionary Guard Corps (IRGC) announced naval strikes against American vessels and commercial shipping in the Persian Gulf.

The IRGC claimed its forces targeted two US vessels and eight oil tankers, inflicting heavy damage. The strikes were allegedly in response to US aggression, including an attack on five Iranian oil tankers in the Persian Gulf.

The diplomatic initiative brokered by Pakistan and Qatar in June has stalled, with both sides accusing each other of failing to implement their commitments. Military clashes have continued alongside disputes over sanctions and navigation rights.