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f Hormuz and attacking oil facilities across the Middle East in a deadly retaliation campaign that is hitting global supplies of oil and gas.
On Sunday, the price of oil surged past $100 for the first time since July 2022, itself a spike from Russia’s invasion of Ukraine months earlier.
U.S. crude oil futures rose more than 25%, at one point reaching nearly $115 per barrel, while Brent, the international benchmark, jumped more than 20%, to $110 per barrel.
But Mohammad Qalibaf, the speaker of the Iranian Parliament, warned that prices may stay above $100 “for a long time” to come.
U.S. And Israel Wage War Against Iran
Smoke rises over oil depot tanks in northwest Tehran. Kaveh Kazemi / Getty Images