strait-of-hormuz

Oil Prices Climb Toward $100 as Middle East Peace Hopes Fade

Oil prices are climbing toward $100 per barrel as escalating tensions between the United States and Iran, combined with attacks on Saudi Arabian refinery infrastructure, dim prospects for Middle East peace. Brent crude reached $97.66 per barrel while Iran threatened economic and military responses, including establishing a new shipping corridor that would further complicate tanker traffic through a critical waterway.