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Brent crude hits over $101
Oil prices surged significantly, with Brent crude surpassing $101 for the first time since July amid escalating tensions between the United States and Iran in the Persian Gulf. This has fueled fears of a decline in exports through the Strait of Hormuz. Brent futures rose by 3.4% to $101.25, while West Texas Intermediate futures increased to $96.38, as the situation worsened following the U.S. military's destruction of five Iranian oil tankers and Iran's retaliation through attacks on maritime navigation. Experts, such as those at Goldman Sachs, predict that the intensification of the conflict could push oil prices above $120 in the coming months, especially amid ongoing attacks on oil tankers and threats to the global oil supply.
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