Oil Prices Surge Towards Triple Digits Amid Iran-US Tensions

The escalation of military hostilities between Iran and the US has sent oil prices soaring towards triple digits, with Brent crude futures within cents of $100 a barrel. The Iranian Revolutionary Guard claimed it struck two U.S. vessels and eight oil tankers in the Gulf in response to American attacks on five Iranian oil tankers. Daan Struyven, Goldman Sachs' co-head of global commodities research, said prices driving above $120 'is definitely plausible.'

The ongoing tensions have led to higher energy costs globally, with Chinese wholesale inflation topping estimates and Bank of England Governor Andrew Bailey warning of increased inflation risks.