Oil hits $100 as US-Iran conflict threatens Gulf energy supplies

Global oil prices have surged to $100 a barrel as direct military confrontation between the United States and Iran escalates across the region.

The US military says it has destroyed five Iranian oil tankers in the Gulf following missile attacks on US vessels. US Secretary of State Marco Rubio has warned that Iran could lose more tankers for every attempted attack on American ships.

Iran’s Islamic Revolutionary Guard Corps has also announced a new restricted maritime zone in the Arabian Sea and Gulf of Oman, raising further concerns over commercial shipping and the movement of energy supplies.

Iran says it has targeted US warships and a military base in Jordan, while experts warn that the widening confrontation could impose growing economic and military costs across the region.

With the Gulf central to global energy markets, the escalation is raising concerns over oil supplies, shipping routes and the potential for further price increases.

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