U.S.-Iran clash drives oil prices near $100

Photo — Soly Moses / Pexels

Reuters reports that oil prices are rising toward $100 a barrel as the U.S. and Iran exchange attacks on vessels and warn of further retaliation, with Iran saying Gulf energy infrastructure, including U.S. oil and gas interests, is vulnerable.[10][9] The stakes are global because any sustained disruption around the Strait of Hormuz could affect a major share of the world’s seaborne oil trade and quickly spread into markets, shipping, and regional security. Other international outlets on Sept. 7 also highlighted the wider Middle East instability and the market shock from the confrontation.[12][14]

Sources: Reuters, Xinhua, The Olympian