Commodities
US-Iran Tensions Send Oil Prices Soaring Past $100
Oil prices have surpassed $100 per barrel due to escalating tensions between the US and Iran following recent tanker attacks.
The Brent crude futures price fell 0.1% to $101.10 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 0.2% to $96.24 a barrel.
Iran's Islamic Revolutionary Guard Corps warned it would intensify its response to any further attacks, after Iran attacked 10 vessels near the Strait of Hormuz in retaliation for the US sinking five Iranian oil tankers.
Analysts say prolonged shipping disruptions and uncertainty over supply volumes through the Strait of Hormuz are keeping the physical oil market tense and preserving a geopolitical premium in oil prices.