US-Iran Tensions Send Oil Prices Soaring Above $100
Oil prices have continued to trade above $100 a barrel despite a slight decline, fueled by concerns over escalating tensions between the US and Iran that could disrupt global oil supplies.
The international benchmark Brent crude futures for November delivery were trading at $100.71 a barrel at 09:54 a.m. local time (0654 GMT), down 0.5% from the previous close of $101.21.
Brent crude rose above $100 a barrel on Wednesday for the first time in nearly two months amid heightened tensions and attacks on oil tankers in the Middle East.
The Strait of Hormuz, a key global oil chokepoint, handled around 20 million barrels of crude oil and petroleum products daily before the conflict. Analysts warn that disruptions to oil flows from the Persian Gulf could persist.