Oil Prices Surge Above $100 per Barrel Amid Ongoing Iran-US Tensions

The global price of oil has surpassed $100 per barrel for the first time since July as tensions between Iran and the US continue to escalate.

This comes after a statement from the U.S. Central Command, which said its forces destroyed five Islamic Revolutionary Guard Corps oil tankers on Tuesday.

The IRGC responded by warning all oil tankers in Kuwaiti and Bahrani waters to evacuate, adding to uncertainty over future supply.

Brent crude oil prices rose about 2.7% to $100.57 a barrel for contracts with November deliveries, while U.S. oil traded at around $95 a barrel, up by about 2%.