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 destroyed five Iranian oil tankers and Brent is trading at $99 — not $140, not $180, ninety-nine dollars. The Strait of Hormuz has been effectively closed since late February, cumulative supply losses exceed 1.3 billion barrels, and the market is pricing this as a modest inconvenience. Either strategic reserve releases are larger than disclosed or demand has collapsed far below official figures.