Oil Prices Soar to Near $100 Amid Escalating Middle East Conflict

Global oil prices have surged to nearly $100 per barrel following clashes in the Middle East. The Brent crude benchmark has risen sharply, reaching levels around $97.50-$98.00 a barrel as of 20:08 Bulgarian time.

The increase comes after devastating weekend air strikes by American forces that disabled three Iranian oil tankers. The US actions were in response to ballistic missiles fired by the Islamic Revolutionary Guard Corps (IRGC) against two US warships.

As a result, commercial ship traffic through the Strait of Hormuz has plummeted to just 10 ships per day, according to analytics company Kpler. Tehran's announcement that it plans to introduce a new no-shipping zone in the region further complicates the situation.