Oil Prices Near $100 as Middle East Tensions Escalate

Oil prices have surged to near US$100 per barrel as Middle East supply risks mount due to escalating tensions between the US and Iran.

The latest rally followed US strikes on several Iranian crude tankers near Kharg Island, one of Iran's main oil export hubs, which intensified concerns over the country's ability to maintain exports.

A US official confirmed that the strikes were carried out in response to an attempted missile attack on a US warship.

The conflict has also spread to Saudi Arabia, with Iran-backed Houthi militants attacking energy infrastructure in the south, including the 400,000-barrel-a-day Jazan refinery.