Rising tension between the United States and Iran is pushing oil prices sharply higher. Brent crude has topped $100 a barrel, a level not seen since July, while American WTI has climbed past $95. Markets are being weighed down above all by ongoing clashes in the Strait of Hormuz, a crucial chokepoint for global crude trade.
The Revolutionary Guards (Pasdaran) have claimed responsibility for an attack on two American ships and eight tankers, presenting it as retaliation for the destruction of five Iranian tankers by the United States.
That account has been disputed by Centcom, the US Central Command, which says no American warship was hit and that all Iranian attack attempts failed. Washington also claims to have destroyed ten Iranian tankers over the past week, describing them as part of the network used to finance the Revolutionary Guards.
The escalation is also being felt in financial markets. Wall Street opened lower, as concerns resurface over the potential impact of soaring oil prices on inflation and the global economy.
Adding to the tension is the case of an American underwater drone captured by Iran. Tehran presented it as a sophisticated piece of military hardware, while the United States claimed it was an older model that was already malfunctioning and contained no sensitive information.
