Iran-US Conflict Sends Oil Prices Soaring Above $100
The conflict between Iran and the US escalated this week after Iran claimed to have launched attacks on two US Navy destroyers. However, the US Central Command (CENTCOM) denied these claims, stating that all Iranian Revolutionary Guard Corps (IRGC) attempts to strike US vessels failed.
According to CENTCOM, 10 Iranian tankers were destroyed over the past week as part of a 'multibillion-dollar shadow network' that funds the IRGC. The US says it targeted these tankers because they were being used to fund terrorist activities.
The latest attacks come after the US struck five Iranian oil tankers on Tuesday, which Iran claims was an act of aggression. In retaliation, Iran fired missiles at US targets in Jordan, with 18 out of 20 ballistic missiles intercepted by Jordanian air defenses.
Oil prices briefly surged above $100 a barrel for the first time since July as concerns grow about further disruptions to global supplies due to the conflict in the Strait of Hormuz.