US-Iran Conflict Escalation Pushes Oil Prices Past $100

Global crude oil prices have exceeded $100 per barrel following the escalation of tensions between the United States and Iran. The US Central Command (CENTCOM) reported that it targeted four oil tankers linked to the Iranian Revolutionary Guard in the Gulf of Oman, following attacks by Iran on US naval vessels. In retaliation, Iran targeted a US military base in Jordan.

Meanwhile, Iranian-backed Houthi rebels in Yemen have continued attacks on Saudi Arabian oil facilities and shipping lanes in the Red Sea. This renewed conflict exacerbates price surges in the global market, which had been unstable since the collapse of a ceasefire agreement in late July.