Oil Holds Above $100 as U.S.-Iran Tanker War Escalates

Crude oil prices held near recent highs after rallying sharply earlier this week, with gains driven by an escalation in the U. S. -Iran conflict and intensifying attacks on tankers in the Persian Gulf. Iran reported hits on U. S. warships and tankers in the Persian Gulf, while the U. S.

said it had hit ten Iranian tankers. At the time of writing, Brent crude was trading at $101. 04 per barrel and West Texas Intermediate at $96. 09 per barrel. Iran has signaled U. S. attacks on its tankers will prompt further escalation.