Brent crude futures hit $100.07 per barrel amid escalating US-Iran conflict
Oil prices surged as US Central Command claimed to destroy five Iranian tankers following missile attacks on American warships.
International Brent crude oil futures crossed the $100 barrier, trading at $100.07 per barrel on Wednesday morning. This marks the first time since July 23 that the price has touched this mark. The US standard WTI crude hovered near $94.73. Prices rose approximately 20% from mid-last week as tensions in the Strait of Hormuz intensified. US Central Command stated on September 8 that it had destroyed five Iranian tankers carrying crude after Iran's Revolutionary Guard fired two ballistic missiles at a US Navy warship within two days. Tehran retaliated by launching missiles at a US base in Jordan, where air defenses intercepted most projectiles while two fell in isolated areas. Iran warned vessels against using unauthorized routes through the Strait of Hormuz and threatened to declare an exclusion zone outside the strait. Major banks including Goldman Sachs, Bank of America, and HSBC raised their oil price forecasts recently. Conflict between the US and Iran has lasted six months.
