Oil Prices Surge Amid US-Iran Tensions, Topping $100

Oil prices have surged to their highest level in over six weeks, topping $100 per barrel, as escalating tensions between the United States and Iran raise fears of prolonged disruptions to Hormuz oil supplies. Brent crude futures climbed over 1.6% to $100.07 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 1.72% to $94.63 a barrel. The spike comes after the U.S. destroyed five Iranian oil tankers in response to failed missile attacks on two U.S. warships, and the Islamic Revolutionary Guard Corps (IRGC) targeted a U.S. base in Jordan with a missile attack. The Strait of Hormuz, a crucial chokepoint for global oil supplies, has seen significantly reduced traffic, with only six commodity vessels transiting the strait on Tuesday compared to an average of twelve in recent days.