Brent Crude Surpasses $100 Per Barrel Amid Persian Gulf Tensions
According to the International Desk of Webangah News Agency, Brent crude oil prices have climbed by over 2%, breaching the $100 per barrel mark, as reported by Al Jazeera via the Mehr News Agency. This development sees Brent crude futures trade above $100 for the first time since July 24. Earlier in the day, news outlets had indicated an initial $1 increase in oil prices, with Brent crude futures recorded at $99.49 per barrel. West Texas Intermediate crude also rose above $94 per barrel.
The surge in oil prices follows a decisive reaction from Iran’s Islamic Revolutionary Guard Corps (IRGC) to alleged aggressive actions by the U.S. military in the Persian Gulf. This trend has led to a 25% increase in Brent crude oil prices since the beginning of August.
In the early hours of the morning, the Public Relations of the IRGC announced in a statement that the warships DDG-119 and DDG-53, equipped with cruise and Aegis missiles, were targeted.
