Commodities
US-Iran Tensions Send Oil Prices Soaring Past $100
Oil prices surged on Wednesday as tensions between the US and Iran escalated, sparking concerns over disruptions to Middle East energy supplies.
Futures for Brent crude, the international benchmark, crossed the $100 threshold for the first time since July, reaching a price of $100.44 per barrel.
The jump in oil prices came after the US military destroyed five Iranian crude tankers in retaliation for attempted attacks on an American warship.
Daan Struyven, co-head of global commodities research at Goldman Sachs, warned that intensifying shipping attacks are raising the probability of Brent crude exceeding $120 per barrel.