Oil Nears $100 Per Barrel As Hostilities Continue Between US & Iran
Oil prices approached $100 a barrel yesterday, with traders and analysts warning of a renewed supply crunch, as hostilities between the US and Iran exacerbated supply concerns.
The price of benchmark Brent crude rose above $98 a barrel during the day for the first time since late July, following US strikes on three Iranian crude oil tankers over the weekend in retaliation for Iranian missile attacks on two US Navy warships.
Hostilities continued with an attack on Saudi Aramco oil facilities in the Saudi Arabian city of Jizan on Monday, a report by the Financial Times stated.
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