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.349 sourcesSee all sources
