Crude oil approaches $100 as US, Iran tensions escalate in Hormuz Strait

Crude oil prices are moving closer to the $100 mark following fresh escalation in the Hormuz Strait region. U.S. forces struck three Iranian oil tankers on Saturday, with one vessel hit near Kharg Island, a critical Iranian oil export facility, according to U.S. Central Command.

The military action has intensified concerns about supply disruptions in one of the world's most important shipping lanes for oil. Experts are analysing the potential impact on global energy markets amid ongoing US-Iran tensions.