Global oil prices climbed above the $100-per-barrel mark on Wednesday for the first time since late July, driven by a sharp escalation in hostilities between the United States and Iran that heightened fears of further disruptions to crude supplies.
According to Oilprice.com, Brent crude, the international benchmark, rose to around $101.20 a barrel, up more than 3 per cent on the day, after briefly surging past the psychological $100 threshold earlier in the session. The United States benchmark, West Texas Intermediate, traded near $96 a barrel.
The rally followed the latest phase of military exchanges in the Middle East. The US Central Command announced that American forces had destroyed five Iranian crude oil carriers, four in the Gulf of Oman and one near Kharg Island, in response to ballistic missile attacks by Iran’s Islamic Revolutionary Guard Corps on a US Navy warship.
Iran retaliated by firing ballistic missiles towards US forces stationed at Jordan’s al-Azraq Air Base. Jordan’s Armed Forces said they intercepted 18 of the 20 missiles, with the remaining two landing in unpopulated areas and no casualties reported. The IRGC also claimed attacks on US vessels and oil tankers, though these claims remain unverified. Related News S’Arabia, Russia to retain oil production levels – OPEC Oil wealth, poor students and the NELFUND question UK awards 68 Nigerians Chevening, Commonwealth scholarships
