Brent crude nears $100 a barrel as U.S.-Iran tit-for-tat strikes stoke supply worries - CNBC
Brent crude oil prices have surged past $100 a barrel due to escalating military conflict between the U.S. and Iran in the Persian Gulf. The instability threatens global energy exports and has led to record-high fuel prices in the United States.
Why it matters
Rising oil prices significantly impact global inflation, transportation costs, and geopolitical stability.
Crude oil prices jumped more than 3% on Wednesday as fighting between the U.S. and Iran escalates in the Persian Gulf, raising investors' fears that energy exports through the Strait of Hormuz will fall.
Brent futures gained 3.4% to $101.21 a barrel, the international benchmark's highest closing price since May 22. U.S. West Texas Intermediate futures advanced 3.3% to settle at $96.05.
The U.S. military destroyed five Iranian crude oil tankers Tuesday in retaliation for attempted attacks on an American warship. The U.S. warship successfully evaded Iranian attack and no American personnel were harmed, U.S. Central Command said.
Brent crude oil futures Fuel prices are hitting new records in the U.S. as war in the Middle East escalates again.
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