Crude oil prices surpass US$100 a barrel as Iran war impedes production, shipping
Oil prices surged past $100 per barrel this week, the first time they have crossed that mark since Russian invasion of Ukraine.
The war involving Iran has triggered a sharp rise in global oil prices, as fears grow over disruptions to energy supplies and key shipping routes in the Middle East. U.S. crude futures climbed nearly 15 percent, while Brent crude futures, the global benchmark, rose more than 12 percent to $104 a barrel.
The surge in oil prices is already having a major impact on gas prices in the United States. Prices at the pump have jumped since the U.S. conflict with Iran began more than a week ago.