Crude oil prices surpass $100 a barrel as Iran war impedes production and shipping

Amid intensified war in the Middle East, oil prices eclipsed $100 per barrel for the first time in more than three-and-a-half years on Sunday as the Iran war hinders production and shipping in the Middle East. The price for a barrel of Brent crude, the international standard, was at $107.97 after trading resumed on the Chicago Mercantile Exchange, up 16.5 per cent from its Friday closing price of $92.69.

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