Brent Crude Surpasses $100 a Barrel Amid Escalating US-Iran Tensions and Middle East Supply Fears
LONDON : In international markets, crude oil prices experienced an abrupt rally, as military conflicts between the United States and Iran have only intensified. Benchmark crude for Brent crude had hit the $100 per barrel mark for the first time since July.
During trading sessions, both American and British crude benchmarks rose more than 2 percent, market reports said. Rising tensions in the Middle East and threats to the transport of crude oil and maritime trade are pushing up prices with vigour, energy analysts say.The U.S. has hit Iranian tankers in the Persian Gulf.The U.S. has attacked Iranian tankers in the Persian Gulf.
The new market jolt comes on the heels of a period of heavy military activity on the island. In a statement, the United States military said it had sunk five Iranian oil tankers in response to the claims that the Islamic Republic’s military forces have fired ballistic missiles at a U.S. Navy warship on back-to-back days.
American officials said the two oil tankers were not damaged in the first strikes but the counter-strikes on Iranian oil tankers were a clear and firm warning.
Washington said that any attacks on US naval assets and freedom of navigation in strategic waterways will not be tolerated. In response to the American operations, Iranian forces fired missiles at regional assets in a rapid response. Around 20 missiles were reportedly launched at the Al-Azraq Air Base, a crucial military base used by US troops in Jordan.
The escalating theatre of conflict has contributed to keeping global energy markets in a state of constant turmoil, even though it appears local Jordanian forces were able to intercept and neutralise the projectiles in mid-air, with no major casualties reported.