Oil Prices Soar Above $100 as Iran-US Conflict Escalates

Oil prices have surpassed $100 per barrel for the first time since July as tensions between Iran and the United States continue to escalate. The price of Brent crude oil hit $100.57 early Wednesday for November futures, a roughly 3% increase from the previous day.

The persistent disruption of oil trade along the Persian Gulf, particularly in the Strait of Hormuz, has contributed to the price surge. Goldman Sachs has increased its projected chances that prices will rise beyond $120 per barrel.

Fighting between Iran and the US has intensified since late June, with both sides resuming military operations after a brief lull. Last week's drone strikes by Iran on US bases in Jordan, Bahrain, Iraq, and Kuwait have further exacerbated tensions.