Oil Nears $100 as U.S. Destroys Five Iranian Tankers
Oil prices continued to climb towards the $100 mark in early Asian trading on Wednesday after the U.S. destroyed five more Iranian crude tankers and Iran targeted U.S. forces in Jordan. These attacks are just the latest phase of a major escalation that began over the weekend when U.S. forces hit thr
Source: OilPrice.com
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DW NOTE
The U.S. just sank five Iranian oil tankers and Brent is at $99 — still 18% below its peak this year despite 1.3 billion barrels of cumulative supply losses and the Strait of Hormuz closed for the second time in six months. Either the crude market believes this ends quickly, or it's pricing in a demand collapse no one is discussing yet.