The price of Brent crude oil has risen above $100 per barrel for the first time in two months, as the resumption of hostilities between Iran and the US has heightened fears of prolonged supply disruptions.
The price of the benchmark crude reached $100.36, nearly 7 per cent higher than the previous session’s close, after the ceasefire was breached in mid-June and clashes resumed in the Strait of Hormuz – a vital route for global oil supplies, which remains effectively closed.
The US carried out its 12th consecutive series of night-time strikes on Iranian military targets, whilst Tehran continued to attack US allies and facilities across the region.
Prices, which had fallen to around $70 following ceasefire talks in June, rose even further after the Iran-backed Houthis claimed to have attacked two Saudi oil tankers in the Red Sea, sparking fresh concerns about maritime security and energy supplies.