Military tension escalates in the Strait of Hormuz and Brent crude tops $100
Clashes between the US and Iran in the Persian Gulf, the heart of global energy trade, have shaken the markets.
As military activity between the US and Iran escalates in the Persian Gulf and the Strait of Hormuz, CENTCOM announced the destruction of 5 Iranian tankers, and following Iran's retaliation, Brent crude surpassed $100.
Conflict Between US and Iran
Military activity that has been ongoing for days between the US and Iran in the Persian Gulf and the Strait of Hormuz has reached a new phase.
Statement on Tankers from CENTCOM
The US Central Command announced that in response to missile attacks targeting its warships, 5 Iranian crude oil tankers were destroyed in the Persian Gulf and its exit.
Retaliation by the Iranian Revolutionary Guard Corps
The Islamic Revolutionary Guard Corps reported that in response to the US attacks, 2 US warships and 8 oil tankers in the region were targeted and heavily damaged.
Rising Risks in the Strait of Hormuz
While the Tehran administration emphasized that the control of the Strait of Hormuz is entirely in the hands of its navy, the possibility of disruptions in the strait's transits heightened concerns.
Surge in Brent Crude Prices
Following these developments, Brent crude futures surpassed the $100 level once again after about 1.5 months, gaining over 3 percent in value.