Oil surges past $100 amid Middle East tensions and tanker disruption
The price of a barrel of oil exceeded $100 for the first time since 2022, as the conflict in the Middle East continues.
The increase is expected to further drive up gasoline prices, following the escalation of the conflict over the weekend.
Large queues of tankers are either unable or unwilling to traverse the Strait of Hormuz. If the shutdown persists until the end of March, prices could soar to $150 a barrel, some analysts have warned.
The increase is likely to further elevate gasoline prices, along with key derivative products like jet fuel and critical precursors for fertilizers, sparking widespread economic warnings.
Meanwhile, U.S. Secretary of War Pete Hegseth asserted that Iran will ’surrender’ during an interview with U.S. television.
He told CBS News’ 60 Minutes: “It means we’re fighting to win. It means we set the terms.”
America is determined to “ensure that Iran’s nuclear ambitions are never realized,” he said.
“It means we’re fighting to win. It means we set the terms. We’ll know when they’re no longer capable of fighting. There will come a point where they’ll have no choice but to surrender. Whether they are aware of it or not, they will become combat-ineffective. They will surrender,” he replied.
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