Oil Prices Surge Past $100 as US-Iran Tensions Escalate

Oil prices have surged past $100 per barrel for the first time since July, amidst ongoing tensions between Iran and the United States. The Brent crude oil price, a benchmark for global trading, rose by about 2.7% to trade at around $100.57 per barrel for contracts with November deliveries.

U.S. oil prices also climbed, reaching about $95 per barrel, up by approximately 2%. These increases come in the wake of a statement from U.S. Central Command on Tuesday, which revealed that its forces had destroyed five Islamic Revolutionary Guard Corps oil tankers.

The IRGC responded to these strikes with a warning, advising all oil tankers in Kuwaiti and Bahrani waters to evacuate their vessels.