Middle East Tensions Push Oil Prices Above $100
Brent crude hit $101.21 per barrel on Wednesday, its highest closing level since May 22, as Middle East tensions over the Strait of Hormuz reignited.
Brent crude hit $101.21 per barrel on Wednesday, its highest closing level since May 22, as Middle East tensions over the Strait of Hormuz reignited.
Oil prices have climbed above $100 a barrel for the first time since July 2026, driven by renewed military strikes in the Middle East, including U.S. actions against Iranian tankers and Houthi attacks on Saudi oil infrastructure.
U.S. forces have permanently disabled three Iranian crude oil tankers in response to attacks on U.S. ships, according to a statement from U.S. Central Command on Saturday.
The United States military conducted new strikes against Iran on Tuesday, targeting Islamic Revolutionary Guard Corps (IRGC) locations, according to the US Central Command (CENTCOM).
U.S. President Donald Trump warned on Tuesday that Iran will be 'hit very hard' if the Strait of Hormuz remains closed soon, according to the-star.co.ke. The Strait, a crucial global energy artery, has been at the center of ongoing U.S.-Iran tensions.
Oil prices neared $100 a barrel as renewed US attacks on Iran and Houthi strikes on Red Sea tankers drove up UK petrol costs, according to the RAC.
Oil prices have climbed to $100 a barrel for the first time since May as tensions in the Middle East escalate and threaten global energy supplies, according to the BBC.
Oil prices rose 5% on Monday as Donald Trump reinstated the US blockade of Iranian shipping in the Gulf and will charge other countries to pass through the strait of Hormuz, according to The Guardian.
Iran's funeral for Ayatollah Ali Khamenei ended with a major political spectacle highlighting resistance and revenge, according to BBC.
Oil prices have dropped to levels last seen before the start of the Iran war, with Brent crude falling to $72.24 a barrel, slightly below the price before the conflict began on February 28.
The aviation industry is navigating a period of uncertainty as jet fuel prices remain above $140 a barrel, with leaders gathering in Rio de Janeiro for the Iata AGM, according to The Guardian.
The United Nations World Food Programme has warned that the ongoing US-Iran conflict is pushing millions into a food crisis due to rising oil prices, according to an analysis published on Friday.
U.S. President Donald Trump warned Iran on Monday that 'the clock is ticking' and that 'there won’t be anything left' of the country if progress isn't made, according to a BBC report.
Libya's Zawiya refinery has resumed full operations after being forced to shut down due to heavy clashes on Friday, according to the Azzawiya Oil Refining Company.
Oil prices surged as tensions flared in the Strait of Hormuz, with Brent crude rising nearly 6 percent to $114.44 a barrel. The US military reported destroying six Iranian boats, while an Iranian source denied the claim, according to Al Jazeera.
Oil prices surged above $100 per barrel as U.S. President Donald Trump announced a naval blockade in the Strait of Hormuz, citing concerns over Iranian activities, according to multiple reports.
Oil prices eased on Tuesday as hopes of new US-Iran peace talks reduced concerns over energy supply disruptions, according to the BBC.
Oil prices surged past $103 a barrel as the U.S. announced a blockade of the Strait of Hormuz, intensifying regional tensions and prompting responses from multiple countries.
Fuel tankers have regained access to an oil refinery in the Republic of Ireland after a days-long blockade, according to the BBC. The move followed a police operation that pushed back protesters at the Whitegate Refinery in County Cork.
The average fuel price in the US has passed $4 a gallon for the first time in four years, according to AAA data, as tensions from Donald Trump’s war on Iran continue to drive up oil prices.
Brent crude oil prices surged to $116 a barrel as U.S. President Donald Trump warned Iran that he would 'blow up' its oil wells and export hub if the Hormuz Strait remains closed, according to reports from The Guardian and Arab News.
Philippine transport workers are demanding President Ferdinand Marcos Jr take immediate action to control fuel prices, as rising costs have slashed their earnings and triggered widespread protests.
Oil prices rose again as supply disruptions continued in the Middle East, with Iran denying reports of any imminent talks with the United States, according to Reuters.