Oil Prices Surge to Near $100 as US-Iran Tensions Escalate

Oil prices have surged to near $100 a barrel as escalating US-Iran tensions threaten energy supplies and fuel fears of renewed inflation, which could prompt central banks to raise interest rates.

The Brent crude price rose 1.6% to $99.49 per barrel, while West Texas Intermediate (WTI) climbed 1.4% to $94.37 a barrel, its highest level since June.

The latest escalation in the US-Iran conflict has intensified concerns over the security of the Strait of Hormuz, one of the world's most important energy corridors, through which a significant share of global oil and gas supplies passes.