US-Iran Tensions Spark Crude Oil Price Surge
Crude oil prices surged nearly 2% on Wednesday as tensions between the US and Iran escalated. The price hike was driven by fresh attacks involving Iran, the US, and Saudi Arabia, which heightened concerns over supply disruptions in the Gulf.
Brent crude rose as much as 1.79% or $1.76 to near $100 a barrel, while US West Texas Intermediate crude gained 1.88% or $1.75 to $94.78 a barrel.
The price surge marked a fourth consecutive day of gains for crude oil prices, which have climbed more than 20% since early August as hopes for a permanent resolution to the six-month-old conflict faded and fighting intensified across the region.
US Secretary of State Marco Rubio warned Iran that Washington would continue striking Iranian oil tankers in retaliation for attacks on US warships. 'For every time they do that or try to do that, they're going to lose tankers,' Rubio said during a visit to Colombia.