Commodities
US Strikes on Iranian Tankers Send Brent Crude Skyward
The price of Brent crude oil has approached $100 per barrel after US strikes on Iranian tankers near Kharg Island, a key hub for Iran's crude oil exports. The price hike is attributed to fears of new disruptions in the Strait of Hormuz.
According to Bloomberg, November Brent futures rose 1.5% to $99.39 per barrel, while US WTI gained 1.6% to $94.51.
The US military destroyed five Iranian tankers carrying oil in response to Iran's attempts to attack a US Navy ship with ballistic missiles.