Oil prices continue to increase, Brent exceeds $100

Oil prices rose 2.2% on Wednesday, with Brent crude futures exceeding $100 a barrel as the US-Iran tensions continue to affect energy markets.

The international benchmark climbed above $100 a barrel as of 0730GMT.

The price of West Texas Intermediate (WTI) also rose 1.5% to $94.5 per barrel.

Iran’s Islamic Revolutionary Guard Corps (IRGC) said on Wednesday its naval forces targeted two US vessels and eight oil tankers in the Persian Gulf, claiming the attacks inflicted heavy damage on the vessels.

In a statement, the IRGC said the strikes were “carried out in response to US aggression, including an attack on five Iranian oil tankers in the Persian Gulf.”

The IRGC did not identify the US vessels or oil tankers it said were targeted, nor did it provide details on when the attacks took place.

The statement also said Iranian naval forces had targeted 10 other vessels that “attempted to enter a restricted and unsafe area of the Strait of Hormuz,” claiming they were acting with the “encouragement and support of the US military.”

The two countries signed a memorandum of understanding in June, mediated by Pakistan and Qatar, outlining steps toward ending hostilities, reopening the Strait of Hormuz and addressing economic restrictions.

The two sides have since accused each other of failing to implement commitments under the memorandum, while military tensions have continued alongside disputes over sanctions and navigation through the Strait of Hormuz.