US-Iran Tensions Drive Oil Prices Past $100 a Barrel

Oil prices continue to rise as tensions between the US and Iran escalate. Brent crude futures have surpassed $100 a barrel, marking a 2.2% increase on Wednesday.

The international benchmark climbed above $100 a barrel at 0730GMT, while West Texas Intermediate (WTI) rose 1.5% to $94.5 per barrel.

The Iranian Revolutionary Guard Corps (IRGC) claimed its naval forces targeted two US vessels and eight oil tankers in the Persian Gulf, causing 'heavy damage'.

This incident is part of ongoing tensions between the two countries, which have accused each other of failing to implement commitments under a June memorandum of understanding. The agreement aimed to end hostilities, reopen the Strait of Hormuz, and address economic restrictions.