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

AI Summary

Oil prices surged toward $100 per barrel amid declining hopes for peace in the Middle East and escalating tensions between the U.S. and Iran. Brent crude traded at $97.66, influenced by Iran's economic threats and missile launches, along with attacks on Saudi Arabia's Jizan refinery.

Brent crude ticked up closer to $100 per barrel today as hopes for peace in the Middle East continued to shrink amid renewed mutual threats between the United States and Iran. At the time of writing, the international benchmark was trading at $97.66 per barrel, with West Texas Intermediate at $93.05 per barrel, after Iran issued a threat to the United States of “economic warfare” and said it had fired a new, advanced missile at U.S. warships. Oil prices were also pushed higher by the latest attack on Saudi Arabia’s Jizan refinery,…