Brent crude crosses $100/barrel as US strikes Iranian oil tankers
Crude oil prices hit a decade-high of $100 per barrel due to escalating tensions over the Strait of Hormuz. The US military claimed it struck three Iranian vessels following missile attacks on its own ships.
Brent crude traded at $100.6 per barrel on Wednesday, crossing the $100 threshold for the first time since July 23. West Texas Intermediate reached $95.26, while Murban crude hit $117.3. These price moves followed US Central Command confirmation that it struck three Iranian oil tankers: M/T Downy, M/T Stark 1, and M/T Kylo. The strikes occurred after Iran's Islamic Revolutionary Guard Corps targeted two US warships with ballistic missiles. Admiral Brad Cooper stated the action aimed to impose higher economic costs on Iran in response to the attacks. Tensions over the Strait of Hormuz have intensified, as this waterway carries a significant share of global oil supplies. Since July 14, US forces redirected 92 commercial vessels under naval blockade conditions, with three disabled and two boarded. Analysts note that growing risks to shipping through the Straits now dominate market risk assessments.
