On Thursday, oil prices surged above one hundred dollars per barrel as traders evaluated the risks associated with supply disruptions stemming from recent shipping attacks. Iran has claimed responsibility for targeting ten vessels after the United States destroyed five tankers. Market analysts warn that if tensions continue in the contested Strait of Hormuz, oil prices could escalate further, potentially reaching one hundred twenty dollars per barrel.

Oil prices climbed to a six-week high as US-Iran attacks on commercial vessels disrupted Strait of Hormuz shipping. Falling tanker traffic has heightened fears of a supply shock,…

Tanker attacks in Strait of Hormuz spark fears of wider supply disruption

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…