Commodities
Iran-US Conflict Drives Oil Prices Above $100 per Barrel
The conflict between Iran and the US has escalated, driving oil prices above $100 per barrel. On Wednesday, Iran's Revolutionary Guards attacked over a dozen vessels attempting to pass through the Strait of Hormuz, including two US vessels, eight oil tankers, and 10 'non-compliant' ships.
The attacks came as the six-month war between the two countries remains deadlocked, with Tehran choking off the strategic waterway and Washington imposing a counter-blockade on Iranian ports.
Iran's foreign ministry condemned the destruction of its oil tankers as an 'overt threat to regional and international peace and security,' while the US military responded by saying it was defending against Iranian attacks targeting American warships.