Brent oil price rises to $100 amid US-Iran tanker strikes in Middle East
Oil prices surged on Wednesday morning in Asia, with Brent crude nearing $100 per barrel following new clashes in the Middle East. The US military announced strikes on five Iranian oil tankers, escalating tensions in the region.
At around 03:15 Cyprus time, Brent North Sea crude for November delivery climbed 1.49% to $99.38 per barrel, after briefly hitting $99.46 the previous day. Meanwhile, West Texas Intermediate crude for October delivery increased 1.59% to $94.51 per barrel.
The renewed instability in the Middle East has contributed to rising oil prices as global markets react to the conflict between the US and Iran in vital shipping lanes.
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