Global oil prices jumped above $100 a barrel on Wednesday, their highest level since late July, after a sharp escalation in the ongoing conflict between the United States and Iran. Brent crude, the international benchmark, briefly eased back to $99.90 but remains highly sensitive to any further unrest in the Middle East.
The spike followed US strikes on five Iranian oil tankers, four of them in the Gulf of Oman and one near Kharg Island, Iran’s main oil export hub. Washington said the vessels were tied to a shadow network funding Iran’s Revolutionary Guards Corps. In response, Iran fired missiles at a US military base in Jordan—most were intercepted—and claimed to have struck two US ships and several oil tankers in the Strait of Hormuz, a narrow waterway that handles roughly one-fifth of the world’s oil and natural gas shipments.
The fighting, which began in late February, has already pushed oil prices up dramatically from about $70 (£52) a barrel before the war started, driving gasoline prices higher for drivers worldwide. Adding to the volatility, Yemen’s Houthi rebels, who are backed by Iran, attacked Saudi energy facilities this week, injuring dozens and briefly halting operations at oil sites.
US officials, including Secretary of State Marco Rubio, warned that Iran would keep losing tankers for every attack it attempts against American naval forces.
You can read the full BBC report for more details on this developing story.
Source: Oil hits $100 a barrel for first time since July after flare up in US-Iran conflict (feeds.bbci.co.uk). English version produced with AI assistance.
Image: marinephotobank, BY 2.0 (via Openverse).