Oil prices rise above $100 a barrel for first time since July as Iran war escalates
Goldman Sachs warned Brent could reach $120 if attacks on vessels and shipping routes keep disrupting Gulf oil flows.
- On Wednesday, Iran attacked over a dozen vessels near the Strait of Hormuz, escalating the six-month conflict after the United States destroyed five Iranian oil tankers on Tuesday and driving Brent prices above $100 per barrel.
- Tehran has choked off the strategic Strait while Washington presses a counter-blockade of Iranian ports, creating the largest wave of shipping strikes since the conflict began six months ago.
- The Islamic Revolutionary Guard Corps reported attacking two United States vessels and 10 "non-compliant vessels," while The United Kingdom Maritime Trade Operations said "several" ships in The Gulf were "subject to disabling fire as part of ongoing military activity in the region."
- Rising oil prices reflect market fears that the conflict will disrupt supplies, as Iran's foreign ministry labeled the tanker attacks "an overt threat to regional and international peace and security."
- US Secretary of State Marco Rubio said on Tuesday in Colombia that "Iran continues to try to hit US naval ships," warning the country will lose more tankers in retaliation for each attack.
679 Articles
679 Articles
A new wave of tensions between the US and Iran has shaken global markets. Crude oil prices are rising again, and old fears are returning to markets and stores.
Crude oil tops $100 a barrel, increasing prices at the pump
An escalation of fighting around the Strait of Hormuz pushes the benchmark price of crude oil back above $100 per barrel. That's leading to higher prices at the gas pump, just ahead of a high-profile inflation report.
The price of Brent oil has exceeded Wednesday 100 dollars per barrel, on the basis of the resumption of the fights between the US and Iran and the attacks on oil tankers, which have intensified the fears related to the supply of oil from the Middle East. The flows of oil from Hormuz have dropped below 2 million barrels per day, compared to about 8-9 million ...
M-East crisis: Marketers to adjust prices as crude surges past $100 per barrel
Oil marketers are set to adjust upwards the pump prices of petroleum products in the country as international crude benchmarks rose above $100 per barrel yesterday, increasing the cost of crude and potentially putting fresh pressure on domestic petroleum-product prices.
Coverage Details
Bias Distribution
- 53% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
