Oil Prices Surge Past $100 per Barrel Amid Iran-US Tensions
The price of oil has surpassed $100 per barrel for the first time since July as tensions between Iran and the US continue to escalate. The increase comes after a statement from the US Central Command, which said its forces destroyed five Islamic Revolutionary Guard Corps oil tankers.
The IRGC responded by warning all oil tankers in Kuwaiti and Bahraini waters to evacuate. As a result, Brent crude oil prices rose 2.7% and are trading at around $100.57 per barrel for November deliveries. US oil is also up, trading at about $95 a barrel.
The ongoing conflict has had a significant impact on global oil supply, with the Strait of Hormuz being closed in late February after a large-scale US-Israeli attack on Iran. This led to the largest oil supply disruption on record and prompted the release of hundreds of millions of barrels from emergency storage in dozens of countries.