Brent crude surpasses $100 a barrel as Iran, US escalate attacks
Benchmark Brent crude hits $100, shaking markets and fuelling concerns over rising inflation pressures worldwide.
Global stocks have come under pressure and Brent crude oil surpassed $100 a barrel as escalating fighting across the Middle East stokes fears of energy-driven inflation.
The benchmark crude contract rose to $100.19 on Wednesday, its highest level since July 24, when a memorandum of understanding between the United States and Iran was in place, and its price was on the downswing.
The US military attacked five Iranian crude oil carriers overnight, with Iran retaliating with missile attacks on US forces in Jordan and attacks on shipping.
“Summer was full of hope that a peace agreement could be achieved,” he said. “This optimism is fading as we enter September.”