Brent crude tops $100 as US-Iran war escalates

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2 h agoBrent crude oil reached $100 a barrel for the first time since July as military escalation between the US and Iran disrupts energy markets. The US military destroyed five Iranian tankers in response to Iranian attempts to strike a US Navy warship, while Chinese oil demand has resumed after a months-long buying pause.

3 h agoBrent crude rose 2.1% to above $100 a barrel for the first time since July as fighting intensified between the US and Iran in the Gulf. Houthi forces attacked several Saudi cities while the US military said it destroyed five Iranian tankers carrying crude.

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4 h agoBrent crude futures rose past $100 a barrel on Wednesday for the first time since July 24, climbing $2.15 to $100.07 as escalating conflict in the Middle East fuelled concern about regional oil supplies. Houthi attacks on Saudi energy facilities this week have raised fears of disruption to shipments through the Red Sea, while flows through the Strait of Hormuz have fallen sharply since fighting resumed on August 30.

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5 h agoBrent crude has risen above $100 a barrel amid intensifying tensions in the Middle East. The cost of crude has climbed 40 percent since the start of the war in Iran, driving up prices for gasoline, diesel and other refined fuels.