Crude Oil Nears $100 As Iran-US Tensions Drive Prices Higher For Fourth Session

Crude oil prices rose for a fourth consecutive session on Wednesday, gaining around 2 per cent as escalating tensions involving Iran, the United States and Saudi Arabia raised concerns over possible supply disruptions in the Gulf.

Brent crude rose 1.79 per cent, or $1.76, to approach $100 a barrel, while US West Texas Intermediate (WTI) gained 1.88 per cent, or $1.75, to reach $94.78 a barrel.

Brent has climbed more than 20 per cent since early August as hopes of a lasting resolution to the six-month-old conflict faded and fighting intensified across the region.

Both benchmarks remained overbought, with Brent at its highest close since July 23 and WTI at its highest since June 4.

The rise followed Houthi attacks on four southern Saudi cities, reportedly injuring over 70 people and damaging oil facilities.

Reports said Saudi Arabia carried out airstrikes in Yemen’s Jubah district, east of Sanaa, and in Taiz province.

The strikes added to concerns about further escalation across the region.

Iran’s Revolutionary Guards claimed they attacked two US destroyers and a US base in Jordan’s Al Azraq using ballistic missiles. They said the attacks came in retaliation for US strikes on Iranian oil tankers.

Jordan’s air-defence systems reportedly intercepted 18 of 20 ballistic missiles launched from Iran, while two landed in unpopulated areas. Authorities reported no casualties.

US Secretary of State Marco Rubio warned that Washington would continue targeting Iranian oil tankers in response to attacks on US naval vessels. He said Iran would lose tankers whenever it attempted to attack US warships.

The intensifying conflict has raised fears of wider disruption to Gulf oil supplies. This has pushed crude prices higher and increased pressure on global energy markets.

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