Oil Prices Surge as Iran-US Conflict Escalates
The Iran-US conflict has escalated with both sides engaging in a series of attacks on shipping and military assets. The biggest wave of tit-for-tat attacks since the start of the six-month-old war saw Iran target 10 ships near the Strait of Hormuz, while the US sank five Iranian oil tankers.
The attacks sent oil prices surging, with benchmark Brent crude futures breaching $100 a barrel for the first time since July. At least one seafarer was killed and another listed as missing in the attacks.
Iran's Revolutionary Guards said they would sharply escalate their response to any further attacks, hitting 20 targets if the enemy struck two or three. They also announced plans to release maps of a new off-limits zone at sea that would extend as far as Chabahar on Iran's coast near Pakistan.