Commodities
Middle East Tensions Send Crude Oil Prices Surging Past $100
The conflict in the Middle East has escalated, pushing crude oil prices past $100 a barrel for the first time since May. The US military launched fresh strikes on Iran after Tehran-backed Houthi rebels attacked oil tankers in the Red Sea.
The US insists that the Strait of Hormuz is 'open for transit' despite Iranian efforts to strongarm shipping companies into paying for safe passage through the waterway, which carries one fifth of the world's oil supply.
President Donald Trump has vowed to use frozen Iranian assets to pay for any damage to shipping and warned both Iran and the Houthis that they will soon receive a 'major military punishment'.