Oil hits $100 as US-Iran tensions escalate

Oil prices climbed on Wednesday, with Brent crude reaching $100 a barrel for the first time since July as escalating fighting between Iran, the United States, and regional allies fueled energy supply concerns. West Texas Intermediate crude was trading at approximately $94 a barrel. U.S. Central Command reported that its forces destroyed five Iranian oil tankers in the Gulf of Oman and near Kharg Island. In retaliation, Iran launched an attack on U.S. forces in Jordan. The Jordanian military stated that 20 ballistic missiles were fired from Iran, with 18 intercepted and two landing in uninhabited areas without causing casualties. Iran claimed to have targeted a Jordanian air base and several U.S. vessels and tankers, though these claims remain unverified. Separately, Iran reported the seizure of a U.S. underwater drone, a characterization disputed by U.S. officials who described the device as an older, malfunctioning autonomous vehicle. Further pressure on global markets followed Houthi attacks on Saudi Arabia, which forced the kingdom to suspend operations at several energy facilities after fires broke out at multiple sites.