Oil Prices Soar Above $100 as Iran-US Tensions Persist

Asian shares fell and oil prices continued to soar above $100 a barrel on Thursday, as tensions between the US and Iran remained high. The conflict in the Strait of Hormuz has led to a significant increase in oil prices, with Brent crude jumping 3.4% on Wednesday to surpass its July peak.

The price of Brent crude added another 0.3% early Thursday, reaching $101.52 per barrel, while US benchmark crude gained 0.4% to $96.42 a barrel. The disruption in oil supplies has pushed gasoline prices up by about 32% from a year ago to $4.22 per gallon.

In Asia, Tokyo's Nikkei 225 reversed earlier losses to gain 0.2%, while Hong Kong's Hang Seng fell 1.3%. Australia's S&P/ASX 200 slipped 1.2%, and Taiwan's Taiex dropped 0.5%.