Oil Prices Soar Above $100 Per Barrel as US-Iran Tensions Escalate

Global oil prices have surged above $100 per barrel for the first time since July as renewed fighting between the US and Iran raises concerns over energy supplies and shipping.

The price of Brent crude futures rose by $3.04, or 3.1%, to reach a high of $101.58 per barrel on Wednesday, according to market data.

US West Texas Intermediate crude also gained, increasing by $2.75, or 3%, to hit its highest level since early June at $95.78 per barrel.

The recent price increases have been fueled by a new round of attacks involving the US and Iran, with the US military destroying five Iranian tankers on Tuesday and Iran responding with strikes on regional shipping and a US base in Jordan.