Brent crude oil tops $100. Here’s what that means for U.S. oil prices
Brent crude hit $100.96 Wednesday morning as fighting escalates between the U.S. and Iran.
NEW YORK —
The global benchmark for crude oil topped $100 for the first time since July as fighting escalates in the Iran war.
Brent crude oil prices reached $100.96 when markets opened on Wednesday morning.
Oil is priced based on supply and demand in the world market, and U.S. gas prices closely follow movements in the global market.
Since the U.S. war with Iran began on Feb. 28, global oil prices have risen. On Feb. 27, the price of Brent crude oil was $72.99, which rose to $119.40 after a week.
This is after Iran shut down the Strait of Hormuz, where a fifth of the world’s oil passes through.
Recent developments in the Strait of Hormuz are pushing oil prices up once again. This week, the U.S. military says it destroyed five more Iranian oil tankers in response to the latest attacks on its warships, AP reports show.