Oil Prices Soar Past $100 Amid Middle East Tensions

Oil prices have surged past $100 per barrel for the first time since July, driven by escalating conflict between Iran and the United States and fears of a major supply disruption.

The price jump comes as American forces destroyed five Islamic Revolutionary Guard Corps oil tankers in a statement from U.S. Central Command. The move follows recent military actions, including strikes on Middle Eastern energy infrastructure blamed on Iran-backed Houthi militants.

West Texas Intermediate (WTI) crude traded at $93.88 per barrel, while Brent crude was quoted at $98.54, briefly nearing the $100 mark during intraday trading. Market analysts warn that continued escalation could push oil prices even higher.