Oil Hits $100 for First Time Since July as US-Iran War Escalates

Oil rates climbed above $100 a barrel on Wednesday for the first time since July as rising tensions in the Middle East fueled worries over a fresh disruption to global crude supplies.

Key points

• Brent crude, the international benchmark, rose 2.1 to slightly above $100 a barrel, crossing the $100 mark for the first time since July 24.
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• The latest growth came as the United States and Iran stepped up attacks involving shipping in and around the Strait of Hormuz.
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• Iran additionally noted ballistic missile strikes on a US air base in Jordan, adding to reservations that the war could spread further throughout the region.

For context, the latest growth came as the United States and Iran stepped up attacks involving shipping in and around the Strait of Hormuz. US forces remarked they had destroyed five Iranian crude oil tankers on Tuesday after attacks by Iran's Islamic Revolutionary Guard Corps on a US warship. Pakistan Fails to Secure LNG Cargo as Tender Receives No Bids.

While its Revolutionary Guards remarked a number of ships attempting to cross what it described as a prohibited and unsafe area of the Strait of Hormuz had additionally been targeted, iran responded on Wednesday by saying it had attacked two US vessels and eight oil tankers.

Iran additionally noted ballistic missile strikes on a US air base in Jordan, adding to reservations that the war could spread further throughout the region. The escalation has raised fears of another supply crunch in global oil markets, particularly as countries continue drawing down their strategic reserves.

Oil rates had reached $126 a barrel in late April during the peak of the US Iran war before falling to around $70 after a ceasefire agreement in early July.

Nevertheless, crude costs have risen steadily over the past six weeks as attacks on shipping continued and expectations for a quick end to the war weakened. Stay Connected with ProPakistani.

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For now, oil Hits $100 for First Time Since July as US remains the part of the story worth watching, and further updates are likely as more details are confirmed.