Middle East Tensions Send Oil Prices Soaring to $100 a Barrel
Oil prices have surged to $100 a barrel as tensions in the Middle East continue to escalate. The price of Brent crude rose by 2.14% to $100.02 per barrel, while US benchmark West Texas Intermediate gained 1.8% to $94.70.
The increase in oil prices is largely due to recent attacks on Saudi Arabia's energy infrastructure and the destruction of five Iranian crude oil carriers by the US military.
The Iranian Revolutionary Guard Corps (IRGC) had attacked an American warship with ballistic missiles, prompting a response from the US. The US Central Command said its forces destroyed the Kaviz, Charminar, Horizon 1, Riesco, and Derya crude oil carriers in the Gulf of Oman.
The IRGC also claimed to have struck two US naval vessels, eight oil tankers, and 10 other ships in the Gulf that it said had violated a designated 'unsafe' zone around the Strait of Hormuz.