Brent crude prices crossed $100 per barrel as US-Iran clashes escalated
Oil surged past $100 a barrel after US forces destroyed five Iranian tankers following missile attacks. Weekly unleaded petrol prices rose by 5p a litre in the UK.
The front month contract on Brent crude, the international benchmark for oil pricing, crossed $100 per barrel on Wednesday morning. This marked the first time since July that the price has hit this threshold. Prices have risen nearly 20% since mid-last week following intensified fighting around key Middle East oil routes. US Central Command confirmed destroying five Iranian tankers on September 8 after Iran fired ballistic missiles at a US Navy warship twice within two days. The ship was not damaged and continued patrolling regional waters. This followed similar actions on September 5, where Iranian forces attacked a US aircraft carrier and destroyer, leading to the disabling or destruction of three additional Iranian vessels. Tehran retaliated by firing missiles at a US military base in Jordan, with air defenses intercepting most strikes. Iran has warned vessels against using unauthorized routes through the Strait of Hormuz. In the UK, the average price of unleaded petrol increased by 5p per litre over a single week, reaching 167.17p. The RAC noted no signs of relief for drivers. Fuel costs have soared since February as conflict disrupted crude oil supplies across the region.
