Oil Prices Soar to $100 per Barrel Amid Escalating US-Iran Conflict

The price of oil has reached $100 per barrel for the first time in months due to escalating tensions in the Middle East.

New flare-ups in the US-Iran conflict have stoked fresh concern for global energy markets, with Brent crude rising above the symbolic $100 mark at around 3 a.m. ET on Wednesday before dipping back below it.

The international benchmark is now about 40% higher than pre-war levels, but still below its peak of $120 in the early days of the war.

The US military said it destroyed five Iranian tankers as part of a 'multibillion-dollar shadow network' that funds Iran's Revolutionary Guard and regional proxies. Tehran responded with attacks on US ships and a base in Jordan.