Oil inches closer to $100 per barrel as Iran strikes US targets in Jordan
Oil prices are nearing $100 per barrel as geopolitical tensions escalate between the US and Iran following missile exchanges in Jordan. The US has responded with further sanctions and military strikes on Iranian oil tankers.
Why it matters
Rising oil prices threaten global economic stability and indicate a significant escalation in Middle Eastern conflict.
Oil prices moved closer to the $100-a-barrel mark on Wednesday, rising more than 1% for a fourth straight session as renewed tensions between US-Iran and continued to rattle the crude market.Brent crude rose 1.47% to $99.36 a barrel, while US West Texas Intermediate climbed 1.54% to $94.46The latest exchange of strikes has pushed the conflict into another phase of escalation. Iran launched missiles towards US targets in Jordan after the US military destroyed five Iranian oil tankers on Tuesday in response to attacks on its warships.Iran’s Revolutionary Guards said that they had also targeted two US destroyers and what they described as a US base in Jordan’s Al Azraq with ballistic missiles.
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