Oil Prices Soar as Gulf Tensions Escalate Again

Crude oil prices surged on Wednesday as tensions between the US and Iran in the Gulf escalated, fueling investor concerns over declining energy exports through the Strait of Hormuz.

The global benchmark Brent crude futures rose 3.4% to settle at $101.21 a barrel, its highest closing level since May 22.

US West Texas Intermediate crude futures also climbed 3.3% to settle at $96.05 a barrel.

The US military destroyed five Iranian crude oil tankers on Tuesday in retaliation for attempts to target a US warship, further disrupting energy supplies from the region.

Fuel prices are reaching fresh record highs in the United States as the conflict continues to escalate.