Oil prices hit $US100.87 per barrel amid US-Iran conflict escalation

Explosions near Iran's Kharg Island and attacks on Saudi energy facilities drove oil prices to a six-week high of nearly $US100 per barrel. Brent crude futures rose 3% to $US100.87/barrel as the US destroyed five Iranian tankers in response to recent hostilities. Iran stated it is prepared for an intensified conflict and possesses missiles sufficient for a prolonged war against the United States, which has now entered its seventh month. The US confirmed one naval vessel had to evade an Iranian missile attack. Stock markets declined globally; the ASX 200 dropped 0.11% to close at 8,911 points, while the Dow Jones Industrial Average fell 297 points and the S&P 500 dipped 0.6%. President Donald Trump warned that oil prices would remain elevated until after the November midterm elections. On Wall Street, Exxon Mobil gained 2.5% and Chevron rose 1.7%, outpacing major retailers like Amazon and Starbucks which fell.