Oil exceeds $100 amid US-Iran Strait Tensions
Oil prices have risen significantly, with the price of a barrel of Brent crude exceeding $101.60 for the first time since July, following Iran's targeting of several ships in the Strait of Hormuz in response to US strikes on Iran. This military escalation in the region comes amid stalled negotiations to end the war between Washington and Tehran, accompanied by warnings of possible economic and political repercussions, including President Trump's attempt to rally support ahead of the midterm elections in November. Iran is accused of trying to control navigation in the Strait and of escalating tensions, while US sanctions continue and accusations are exchanged between the two sides.
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