US-Iran Conflict Sends Oil Prices Soaring to Multi-Month Highs
Escalating military tensions between the US and Iran have sent oil prices soaring to multi-month highs, with Brent crude futures briefly approaching $100 per barrel intraday before settling near $98.
The latest round of strikes by American forces on Iranian oil tankers was triggered by Tehran's recent series of attacks on US warships in the Middle East.
Iranian media confirmed multiple tanker strikes, and the Revolutionary Guard issued a statement threatening to attack tankers at ports in Kuwait and Bahrain.
The conflict has been escalating over the past several days, with Iran firing ballistic missiles at an aircraft carrier and a guided-missile destroyer over the weekend, and launching another missile attack on a different US Navy vessel on Monday.