US-Iran Conflict Drives Oil Prices Above $100 a Barrel

Oil prices have surged above $100 a barrel as the US and Iran escalated their conflict. Brent crude, an international standard, climbed into triple digits for the first time since July and settled at $101.21 a barrel by the end of trading.

The price jump comes after attacks on oil facilities and ships in the Middle East, threatening to further debilitate the already weakened supply chain. US benchmark crude was close behind, settling at $96.05 a barrel.

Experts warn that a prolonged period of steep prices would worsen the economic fallout from the six-month-long conflict.