Oil holds above $100 as Iran-US attacks threaten deeper supply disruption
Oil prices have climbed above $100 per barrel as escalating tensions between Iran and the United States threaten global supply chains. The conflict, centered around the Strait of Hormuz, has heightened market anxiety regarding energy security.
Why it matters
Rising oil prices directly impact global inflation, transportation costs, and the stability of energy markets worldwide.
Oil prices extended gains on Thursday, with Brent holding above $100 a barrel as escalating Iran-US attacks on shipping heightened concerns over further disruptions to Middle East crude supplies.Brent crude futures rose 0.1% to $101.34 a barrel by 0107 GMT, while US West Texas Intermediate crude gained 0.5% to $96.55.Brent settled $3.29, or 3.4%, higher at $101.21 a barrel on Wednesday after touching $101.58. WTI rose $3.02, or 3.25%, to $96.05. Both benchmarks closed at their highest levels since May 22.The gains came after Iran said it had attacked 10 ships near the Strait of Hormuz, while the United States sank five Iranian oil tankers. Iran's Revolutionary Guard Corps also warned that it would step up its response to further attacks.Strait of Hormuz in focusThe Strait of Hormuz remains a key flashpoint for global energy markets.
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