Brent crude hits $100 as tensions over Strait of Hormuz escalate
Oil prices surged past the $100 barrier for the first time since late July amid escalating conflict. Iran claims to have struck multiple American vessels in the Gulf following US attacks on Iranian tankers.
Brent crude crossed $100 on Wednesday, marking the first instance since late July when the price exceeded this level. This marks day 194 of the conflict against the Iranian regime. Since May 22, Brent has closed above $100 only once before, occurring on July 23, before falling back below that figure the following day. Market data shows the index remained between $70 and $95 during July and August after the summer market adapted to a largely blocked Strait of Hormuz.
Iran asserts it struck two American warships and eight oil tankers in the Gulf this week. The United States disputes these specific claims regarding attacks on American military vessels, though separate reports indicate merchant ships were hit. These events followed reports that Central Command destroyed five Iranian oil tankers on Tuesday and a total of ten within the past week after missile launches at an American warship.
