Commodities
Oil Prices Top $100 as Iran-US Tensions Escalate
The global price of oil has surpassed $100 per barrel for the first time since July following increased tensions between Iran and the United States.
The rise in prices comes after a statement from U.S. Central Command on Tuesday that its forces destroyed five Islamic Revolutionary Guard Corps oil tankers, which was followed by a warning from the IRGC to evacuate all oil tankers from Kuwaiti and Bahrani waters.
Brent crude oil prices climbed 2.7% on Wednesday to reach $100.57 per barrel for contracts with November deliveries, while U.S. oil traded at about $95 per barrel, up by 2%.