Oil Prices Surge Past $100 as Iran-US Tensions Escalate
Oil prices have broken past the $100 target mark, reaching a new high of $101.10 per barrel for Brent crude futures on Thursday.
This surge comes as Iran and the US launch their largest attacks on shipping since their six-month-old conflict began, with traders bracing for deeper supply disruptions.
Brent prices have risen nearly 30% from lows touched in early August, after a permanent agreement between the US and Iran to cease attacks never materialised, while renewed fighting began later that month.
Iran's Islamic Revolutionary Guard Corps said it would escalate its response to any further attacks, with ANZ analyst Daniel Hynes noting 'the tit-for-tat attacks suggest oil flows from the Persian Gulf are likely to remain disrupted for the foreseeable future.'