US-Iran Tensions Send Oil Prices Soaring to Near $100 Per Barrel
Oil prices have inched closer to $100 per barrel due to renewed tensions between the US and Iran. The conflict has escalated after Iran launched missiles towards US targets in Jordan, prompting a response from the US military.
The latest exchange of strikes has brought the two sides back towards open hostilities, adding to economic pressure created by the conflict. Brent crude rose 1.47% to $99.36 a barrel, while US West Texas Intermediate climbed 1.54% to $94.46.
US Secretary of State Marco Rubio warned that Washington would continue to strike Iranian oil tankers if Tehran attempted further attacks on US warships. 'Iran continues to try to hit US naval ships, and for every time they do that or try to do that, they're going to lose tankers,' Rubio said.
The conflict has lasted more than six months, keeping oil markets volatile. However, prices remain below the $126-a-barrel level seen earlier in the war.