Trump's War Drives Oil Prices to Near $US100 per Barrel

Oil prices have surged to near $US100 per barrel as tensions in the Middle East continue to rise, threatening a new wave of global energy-related inflation and economic pain.

The Strait of Hormuz, a crucial oil shipping waterway, has seen cargo volumes drop to just a third of pre-war levels, with tankers still facing risks from Iranian missiles and US naval blockades.

US President Donald Trump's claims that the war is nearing its end are far from reality, as Iran shows no signs of surrendering and continues to attack US ships and tankers.

The war has already drained global energy reserves by over 400 million barrels, with commercial stocks depleted. While some production increases have helped blunt the impact, oil demand remains low, and prices continue to rise.