US forces hit five Iranian tankers as Tehran targets American base in Jordan
Global oil prices have surged past $100 a barrel following escalating military strikes between the US and Iran. The conflict has disrupted shipping in the Strait of Hormuz, leading to increased regional instability and global economic concerns.
Why it matters
The disruption of oil supply routes in the Middle East has immediate and severe consequences for global energy prices and inflation.
Figure caption, Watch: Missile interceptions seen in Jordan's night sky
Oil prices rose past $100 (£74) a barrel on Wednesday after further strikes in the conflict between the US and Iran and continuing Houthi attacks in Saudi Arabia.
In back and forth attacks, the US hit five Iranian tankers in reprisal strikes after Tehran targeted one of its warships.
Brent crude - which is the global benchmark for prices - has not been as expensive since the end of July, when a ceasefire between Iran and the US collapsed .
Yemen's Iran-backed Houthi movement also attacked oil facilities in Saudi Arabia on Tuesday and have been targeting tankers in the Red Sea.
Brent crude did dip back down to $99.90 a barrel, but any fresh flare-ups in the Middle East could see it pushed higher again.
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