Oil Climbs Toward $100 as U.S. Destroys Five Iranian Tankers Amid Escalating Tensions
Source Summary
Oil prices rose toward $100 per barrel in early Asian trading Wednesday following U.S. destruction of five Iranian crude tankers and Iranian attacks on U.S. forces in Jordan. WTI crude traded at $94.39 per barrel and Brent at $99.46, each up over $1. The escalation follows weekend strikes when U.S. forces hit three other Iranian oil tankers in response to Iranian Revolutionary Guard Corps targeting of two U.S. warships.
Why it matters
Military escalation between the U.S. and Iran directly impacts crude oil supply and prices, which affects global energy costs and economic activity.
What remains uncertain
The full scope and duration of the military escalation remain unclear, as does the potential for further tanker destruction or attacks.
