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Brent crude crossed $101 for the first time since July after the U.S. destroyed five Iranian tankers on Tuesday
CHARLY TRIBALLEAU / Getty Images
Crude oil prices surged past $101 a barrel on Wednesday as conflict between the United States and Iran spread across the Persian Gulf, stoking fears of prolonged disruptions to energy exports through the Strait of Hormuz.
Brent futures were trading at $101.25 a barrel, a gain of 3.4%, as of 11:12 a.m. ET — a threshold the international benchmark had not reached since July. U.S. West Texas Intermediate futures were up 3.6%, changing hands at $96.38 a barrel.
