OIL SURGES ABOVE $100 AS IRAN WAR ESCALATES
By: Safiya Abdulrahim Dabban
Global oil prices rose above $100 a barrel as the war involving Iran entered its third week, raising fears of supply disruption in the key Strait of Hormuz.
Crude prices jumped after US President Donald Trump said American forces struck military targets on Kharg Island, a major hub for Iran’s oil exports.
The conflict has heightened concerns over tanker movement through the strategic waterway, a route used to transport much of the world’s oil.
Despite the tensions, Tehran said its oil infrastructure was not damaged in the strikes as fighting between the sides continues.