US attacks Iranian oil tankers as Iran hits US base in Jordan

Oil prices in global markets edged toward the $100‑a‑barrel threshold on Tuesday, driven by a fresh wave of retaliatory strikes between the United States and Iran. Brent crude futures rose to $98.70 per barrel, while U.S. West Texas Intermediate climbed to $95.30, marking the highest levels in more than six months as traders priced in heightened geopolitical risk and potential disruptions to oil shipments through the Strait of Hormuz.

The escalation began late Monday when U.S. forces targeted Iranian-backed militia positions in Iraq, prompting Iran to launch missile attacks on U.S. naval vessels operating in the Persian Gulf. Both sides have warned of further actions, raising concerns over the security of the narrow waterway that handles roughly a fifth of the world’s oil trade. Analysts noted that the heightened tension has squeezed supply expectations, prompting investors to shift toward futures contracts as a hedge. While OPEC+ has signaled a willingness to adjust output if needed, the market remains sensitive to any further developments that could impede the flow of crude, suggesting that the $100 mark could be reached if the conflict intensifies.