Oil Prices Soar as Iran and US Clash in Strait of Hormuz

Oil prices surged to a six-month high of over $101 per barrel after Iran and the US engaged in strikes on vessels near the Strait of Hormuz.

The attacks sent shockwaves through the global energy market, with Brent crude rising above $100 for the first time since July.

US President Donald Trump claimed that Iran was trying to influence the November midterm elections by driving up oil prices, which he said would not fall before the vote but would decline immediately afterwards.

The conflict has entered its seventh month, disrupting oil shipments from the Persian Gulf and increasing pressure on the Republican administration over rising fuel prices.

Iran's Islamic Revolutionary Guard Corps warned it would intensify its response if further attacks were launched against Iran, while a US official said all American personnel were safe after two ballistic missiles landed in uninhabited areas in Jordan.