Tensions with Iran Send Oil Prices Soaring Above $99
Global energy markets are on high alert as tensions between the US and Iran escalate, pushing oil prices above $99 a barrel. The International benchmark Brent crude surged more than 2% on Tuesday, driven by fears of supply disruptions from the Middle East.
The latest developments began over the weekend with military exchanges between the two nations. On Saturday, the US struck three Iranian oil tankers in response to Iran's launch of ballistic missiles at two American Navy warships in the Gulf, according to military statements.
Monday saw further attacks on facilities operated by Saudi Aramco, including the 400,000-barrel-per-day Jazan refinery and other installations supplying the kingdom's domestic market. The Houthi militants claimed responsibility for the strikes, which they said were carried out with Iranian backing.