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

Crude oil prices surged to a six-month high on Thursday as tensions between the US and Iran escalated, raising concerns about supply disruptions.

WTI crude oil rose 4.3% to trade above $100 per barrel for the first time since May 19, while Brent crude gained 4% to $105.28, nearly a 30% increase from its August lows.

The conflict has led to increased attacks on shipping in the Strait of Hormuz, which carries roughly one-fifth of global oil and gas supplies. Iran said it attacked 10 ships near the strait on Wednesday after the US sank five Iranian oil tankers.