US-Iran Conflict Escalates as Oil Prices Surge to $100 a Barrel

The United States and Iran have engaged in a series of escalating attacks on each other's vessels and military bases. The latest exchange began when the US military destroyed five Iranian oil tankers, including two that were attempting to pass through an area declared off-limits by Iran.

Iran responded by targeting 10 ships near the Strait of Hormuz, including two U.S. Navy destroyers, but according to the U.S. Central Command (Centcom), no American warship was struck in this latest attack.

The tit-for-tat strikes mark another escalation in a six-month-long conflict around the vital shipping corridor, where Iran has sought to restrict access. The price of oil has surged as a result of the disruptions, surpassing $100 a barrel for the first time since July.