StanChart Warns Oil Is Now Built for Sharper, More Frequent Spikes

Oil prices hit nearly $110 per barrel on Thursday for the first time since July, with no end in sight for the Middle East conflict. The IRGC announced on Wednesday that it had attacked and heavily damaged eight oil tankers and two U. S.

Navy destroyers in the Strait of Hormuz, in retaliation after the U. S. military destroyed five IRGC-linked oil tankers in the Gulf of Oman on Tuesday night. CENTCOM has, however, denied the IRGC claims. Hopes for a quick resolution to the war have also faded after U. S.