Energy Markets
As a wave of US-Iran strikes exposes the dwindling safety network, oil prices surpass $100
The price of oil topped $100 per barrel for the first six-week period on Wednesday, as an escalation of fighting between U.S. forces and 'Iranian forces raised concerns about the supply coming from the region. This also heightened fears over inflationary pressures and increased energy costs. Brent, the global benchmark for oil, has increased by 25 percent since early last week as hope fades of a permanent solution to the six-month old U.S./Iran conflict. This week, the rally intensified after Iran-backed Houthi attacked Saudi energy installations and set them ablaze. The increased risk of disruptions spreading across the Gulf region...