Brent crude nears $100 a barrel as U.S.-Iran tit-for-tat strikes stoke supply worries
Oil prices rose on Wednesday as escalating tensions between the U.S. and Iran fueled concerns over further disruptions to Middle East energy supplies.
TL;DR
- Oil prices rose due to escalating U.S.-Iran tensions and fears of Middle East energy supply disruptions.
- U.S. benchmark West Texas Intermediate futures rose 1.75% to $94.66 a barrel.
- International benchmark Brent crude futures added 1.55% to $94.66 a barrel.
- The U.S. military destroyed five Iranian crude tankers in retaliation for attempted attacks on an American warship.
- Analysts suggest oil prices could exceed $120 a barrel as attacks on shipping intensify.
- The U.S.-Iran conflict has resumed after a month-long pause focused on economic pressure.