Brent crude tops $97 a barrel as US-Iran tensions escalate

BASRA, Iraq — LONDON — Brent crude futures rose above $97 a barrel on Tuesday evening for the first time since July 24, driven by renewed tensions between the United States and Iran centered on the Persian Gulf. By 9:55 p.m., the December Brent contract was up 3.26% at $97.317, while October West Texas Intermediate gained 3.64% to $90.38 a barrel. The price surge followed a new wave of hostilities that began over the weekend. The United States announced fresh strikes against Iran, while Iran's Revolutionary Guard Corps said it had targeted US bases hosting American forces in Jordan and the United Arab Emirates. Iran rejected the US account of mine-armed missile launchers as fabricated. The Revolutionary Guard also said it struck a US-protected oil tanker attempting to transit the Strait of Hormuz off the coast of Oman with three drones and naval mines. US Central Command said the operation was a response to recent harassment in the strait. A US official told Fox News that the strikes were ongoing, while another official told Axis that overnight air operations could reach 100 sorties.