Oil Prices Soar as US Destroys Iranian Tankers

Oil prices surged towards $100 per barrel on Wednesday after the US destroyed five Iranian tankers in response to alleged attacks by Iran's Revolutionary Guard Corps (IRGC) on US warships. The destruction of the tankers, which were carrying crude oil, was part of a major escalation in the conflict that began over the weekend when US forces hit three other oil tankers.

The IRGC claimed it had targeted two US vessels and eight oil tankers in response to the sinking of its own tankers. However, the US Central Command (Centcom) said the attacks on the US warships were 'unprovoked' and that the destruction of the Iranian tankers was a necessary measure to protect American forces.

The latest development in the conflict has sent oil prices soaring, with Brent crude rising to $99.46 per barrel and WTI trading at $94.39 per barrel. The destruction of the 'shadow fleet' that has been bringing Iranian and Russian crude to markets is also a major concern for oil traders.

The US has said it will continue to impose economic costs on Iran in response to its alleged attacks, while Iran has vowed to retaliate against any further aggression by the US. The conflict has raised concerns about the stability of global energy supplies and the potential impact on prices at the pump.