Brent crude tops $100 amid U.S.-Iran Strait of Hormuz tensions
Brent crude oil just crossed the $100 a barrel mark, thanks to rising tensions between the US and Iran.
Iran says it targeted 10 ships near the Strait of Hormuz, a vital route for global energy, right after reports that the US sank five Iranian oil tankers.
This is a big escalation in their ongoing six-month standoff.
Gulf disruptions push oil prices higher
The Strait of Hormuz before the war carried roughly a fifth of the world's oil and gas, so any trouble there shakes up energy markets fast.
Early Thursday, Brent crude was trading at $101.34 a barrel, while US West Texas Intermediate hit $96.55 a barrel.
With supply from the Middle East shrinking, ANZ analyst Daniel Hynes warned that "The tit-for-tat attacks suggest oil flows from the Persian Gulf are likely to remain disrupted for the foreseeable future," putting more pressure on global prices, and that forecasts for 2026 and 2027 are going up.