Oil hits $100 per barrel after US hit Iranian tankers near Strait of Hormuz
Global oil prices topped $100 per barrel on Wednesday, with Brent Crude hitting its highest price point since late July, as the United States and Iran exchange airstrikes this week in the Strait of Hormuz.
TL;DR
- Global oil prices surpassed $100 per barrel on Wednesday.
- Brent Crude reached its highest price point since late July.
- The price increase is linked to airstrikes between the US and Iran in the Strait of Hormuz.
- The global average price has been consistently above $72 per barrel since the conflict started.