Middle East Conflict Drives Oil Prices Past $100 a Barrel

The conflict in the Middle East has escalated, leading to a surge in oil prices. The US launched fresh strikes on Iran after Houthi rebels attacked oil tankers in the Red Sea, marking an escalation that pushed crude prices past $100 a barrel. According to Brent crude, this is the first time since May that it has exceeded $100.

The US military stated that the Strait of Hormuz remains open for transit despite Iran's attacks on tankers using the route. The Houthis have opened a new front in the war by attacking vessels in the Red Sea, intensifying fears over world crude supplies.

President Donald Trump has vowed to use frozen Iranian assets to pay for any damage to shipping, a move Tehran warned would set an 'incendiary precedent'.