Commodities
Oil Prices Soar Past $100 as Iran-US Tensions Escalate
Oil prices surged past $100 per barrel on Wednesday for the first time since July, fueled by ongoing tensions between Iran and the US.
The global price of oil rose as uncertainty over future supply mounted after a statement from the US Central Command. The command confirmed that its forces destroyed five Islamic Revolutionary Guard Corps oil tankers in an earlier strike.
In response, the IRGC warned all oil tankers in Kuwaiti and Bahraini waters to evacuate. As a result of these events, Brent crude oil prices climbed by about 2.7% on Wednesday, trading at approximately $100.57 per barrel for November delivery contracts.