Commodities
Middle East Tensions Send Brent Crude to Over $100
Crude oil futures surged on Tuesday after multiple tankers were struck in the Middle East, sparking fears of a prolonged regional conflict. The escalation has driven Brent crude to over $100 per barrel for the first time this year.
The tit-for-tat strikes between the US and Iran have heightened tensions in the region, with Tehran claiming attacks on eight tankers in the Gulf and Washington disabling Iranian naval capabilities.
Despite the recent rallies in oil prices, speakers at a conference noted that crude benchmarks are not yet reflecting enough security risk.