Brent crude oil prices reached $100 a barrel on Wednesday—the first time since July 24—after the US military destroyed five Iranian crude oil carriers in retaliation for Iranian Revolutionary Guard Corps (IRGC) missile strikes on a US Navy warship.
At 0910 BST, Brent crude was trading 2.1% higher at $99.93, having briefly breached the $100 mark earlier in the session. The surge came after US Central Command announced the destruction of the Iranian tankers, which occurred before the price spike.
The US military confirmed that four Iranian tankers were sunk in the Gulf of Oman, while a fifth was destroyed near Kharg Island. Tehran had earlier attempted to strike American warships before the US retaliated by targeting the Iranian vessels.
The last time Brent crude hit $100 was in July, before prices retreated below $80 in early August. US Secretary of State Marco Rubio stated that Washington would continue targeting Iranian oil tankers in response to attacks on US forces.