Commodities
Iran-US Conflict Escalates with Tanker Attacks and Oil Price Spike
The conflict between Iran and the US has escalated, with both sides launching attacks on oil tankers in the Strait of Hormuz. On September 9, Iran reported that it had attacked 10 ships in the area after US forces sank five Iranian oil tankers.
Brent crude futures rose above $100 a barrel for the first time since July as the attacks threatened already restricted oil shipments through the region.
The US military destroyed five Iranian oil tankers overnight, releasing footage showing ships burning before sinking. The US Central Command described the strikes as retaliation for two Iranian ballistic missile attacks on a US Navy warship.