Iran War Drives Oil Above $100 as Exports Collapse

Oil prices rose above $100 a barrel for the first time since July as the war with Iran escalated and U.S. forces destroyed five Iranian tankers. Iran's oil exports have collapsed amid a standoff over the Strait of Hormuz, and the U.S. is moving to isolate Iran's aviation sector from the global economy. The Bank of England warned the conflict could push UK inflation above 4%, while the U.S. Energy Information Administration raised its oil price forecasts as the war drains global stockpiles. Medicine shortages are also growing in Iran as sanctions and a blockade tighten.