Iran War Escalation: Crude Oil Price Rises Above $100 Per Barrel For First Time Since July
Threatening another disruption in global supplies, the price of oil has risen above $100 a barrel for the first time since July, as the US continues to bomb Iran while Iran is retaliating.
The Brent crude, the international benchmark for oil prices, rose 2.1% past the milestone on Wednesday, after conflict increased in the Gulf amid the latest tit-for-tat exchange between Iran and the United States.
The US has attacked several Iranian tankers, while Iran retaliated targeting US navy warship with ballistic missiles, and the US-linked facilities in the gulf countries including gas and oil infrastructure. Supporting Iran, Yemen’s Houthis have also intensified their attack after Saudi targeted the militia recently.
Recently, Houthis attacked four cities in Saudi Arabia, wounding more than 70 people and setting oil installations ablaze. The recent attacks on oil tankers lead to fewer ship-to-ship transfers taking place in the Gulf of Oman will have key role in providing oil to global markets and keeping a lid on prices.
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Several banks, including Goldman Sachs, Bank of America and HSBC, have raised their crude price forecasts in recent days.
