US-Iran Tensions Send Oil Prices Surging to Over $100 Per Barrel

The recent escalation of tensions between the US and Iran has led to a surge in oil prices, breaching $100 US per barrel for the first time since July. This development comes as both countries engage in tit-for-tat attacks on shipping vessels near the Strait of Hormuz, a critical waterway for global oil trade.

Iran's Islamic Revolutionary Guard Corps (IRGC) has claimed responsibility for attacking 10 ships, including two US vessels and eight oil tankers. The IRGC also fired ballistic missiles at a base used by US forces in Jordan, causing significant damage according to Iranian officials.

The US military responded with its own strikes on Iran, targeting five Iranian oil tankers that were allegedly preparing to launch sea mines into the Strait of Hormuz. While the effectiveness of these attacks is unclear, they mark a significant escalation of the conflict and underscore the ongoing risks to global energy markets.