Oil prices race above 100 dollars a barrel as Iran conflict escalates

Oil prices have rocketed above 100 US dollars a barrel for the first time in nearly four years as the escalating conflict in Iran sparks a mounting crude supply crisis. (Alamy/PA) -

Oil prices have rocketed above 100 dollars a barrel for the first time in nearly four years as the escalating conflict in Iran sparks a mounting crude supply crisis.

Benchmark Brent crude soared by 17% to more than 108 dollars a barrel, having at one stage reached nearly 120 dollars a barrel in levels not seen since the summer of 2022.