Brent crude surges past $100 per barrel amid Persian Gulf tanker strikes

Global oil benchmark Brent crude climbed past $100 per barrel, reaching intraday highs near $109 following a series of military strikes against commercial and crude oil tankers across the Persian Gulf and the Strait of Hormuz.

Why this matters. Sustained energy price spikes above $100 per barrel increase global inflationary pressure and raise the probability of central bank interest rate hikes while escalating insurance premiums for maritime shipping in the Persian Gulf.