Oil Prices Soar Near $100 Amid Escalating US-Iran Tensions

Crude oil prices surged to near $100 a barrel on Wednesday as tensions between the US and Iran escalated, threatening global supplies. The price of Brent crude futures for November delivery rose by 1.4% to $99.32 a barrel, while US West Texas Intermediate (WTI) crude futures climbed 1.5% to $94.44 a barrel.

The sharp increase in oil prices was driven by concerns over possible disruptions to oil supplies and shipping in the Gulf. The US military destroyed five Iranian oil tankers on Tuesday after Iran launched missile attacks on US naval assets, further escalating tensions between the two countries.

Saudi authorities reported that fires broke out at several energy facilities, including the Jazan refinery, although the extent of the damage and any impact on operations remained unclear. The US Central Command released footage showing an Iranian vessel sinking in the Gulf of Oman after it was struck by US forces.

US Secretary of State Marco Rubio warned Tehran that Washington would continue targeting Iranian oil tankers in response to attempted attacks on US naval vessels. Iran has also threatened to establish a maritime exclusion zone around the Strait of Hormuz, further complicating global oil shipments.