U.S. oil prices surpass $100 as the Trump administration warns of potential attacks on Iran’s oil export sites

U.S. Oil Prices Surge Amid Tensions with Iran

On Sunday evening, the price of U.S. crude oil surpassed $100 per barrel as the United States considered launching military attacks on Iran's major oil export hub located on Kharg Island, a member of OPEC. By 6:04 p.m. ET, U.S. crude had climbed 1.68% to reach $100.37 per barrel, while Brent crude, the global standard, increased by 2.15% to $105.36 per barrel.

President Donald Trump authorized military action on Friday targeting Iranian military positions on Kharg Island. According to Trump, these strikes did not damage oil facilities. However, he cautioned that the U.S. might target the island’s oil infrastructure if Iran continued to obstruct the vital Strait of Hormuz.