Oil prices breach $100 as Iran-US attacks escalate

Oil prices breach $100 as Iran-US attacks escalate Brent crude futures breached $100 a barrel on Wednesday to settle at their highest close since late May after Iran and the US struck tankers in the biggest wave of attacks on shipping since the war began. U. S.

Front-month Brent crude futures settled up $3.29, or 3.4%, at $101.21 a barrel, after touching a high of $101.58.

West Texas Intermediate crude was up $3.02, or 3.25%, at $96.05 a barrel. Both benchmarks closed at their highest since May 22.

Since late May, oil benchmarks have generally traded well below the $100-per-barrel psychological threshold, reflecting expectations that the conflict would remain on a low simmer. Report by Reuters