Oil Clears the $100 Barrier as Iran Conflict Persists
U.S. crude surged above $100 a barrel and Brent around $106 as the Iran-related conflict shows no sign of ending, even after the IEA released a record 400 million barrels to calm markets. Prices have climbed about 50% since the war began, with national gas averages near $3.70 per gallon. Ongoing fears over the Strait of Hormuz and Iranian attacks suggest the rally could continue, while officials discuss potential tanker escorts but provide few details.