Global Oil Prices Continue Steady Rise Amid US-Iran Tensions in Strait of Hormuz

Oil prices continued their rise on Thursday, with Brent crude stabilizing above the $100 mark, following Iran's targeting of ships in the Strait of Hormuz. This Iranian response came after the United States targeted its oil tankers. North Sea Brent crude had surpassed the $100 threshold on Wednesday for the first time since July, recording an additional rise of approximately 0.5% on Thursday during early Asian trading, exceeding $101.60. In a related context, President Donald Trump is working to bolster his election campaign during an extraordinary Republican conference in Dallas, Texas. He stated during the conference that "oil prices will drop immediately after the elections."