US-Iran Tensions Push Oil Prices Past $100 Per Barrel
Oil prices have surged past $100 per barrel for the first time in six weeks due to ongoing US-Iran tensions, which are raising concerns about supply disruptions and potential inflationary pressures.
The Brent global oil benchmark has risen by a quarter since early last month as hopes fade for a permanent resolution to the six-month-old conflict.
According to analysts, investors are expressing their views on the impact of the latest escalation in the Middle East through their buying decisions.
Tamas Varga of oil broker PVM said, 'They are voting with their dollar, and this vote strongly indicates that unless the Strait of Hormuz re-opens, and oil starts flowing again uninterruptedly, supply will not be aligned with demand in the foreseeable future.'