Oil Prices Surge Past $100 Amid Escalating US-Iran Conflict

Oil prices surged above $100 per barrel on Wednesday for the first time since July as tensions between the US and Iran escalated. The conflict flared over control of the Strait of Hormuz, a critical shipping lane in the Middle East.

The international benchmark Brent crude futures rose 2.1% to just over $100 a barrel, while US West Texas Intermediate crude increased by 1.7% to $94.63. This marks a significant gain for Brent, which has risen around a quarter since early August as the Middle East conflict intensified.

The escalation was triggered after Iran targeted a US Navy warship with ballistic missiles twice in two days, destroying five Iranian crude oil carriers in retaliation. The US Central Command stated that the vessel M/T Riesco sank in the Gulf of Oman following the US strike, but no American personnel were harmed.