Oil Prices Surge Amid Iran Tensions

0:00On March 12, Iran's ongoing attacks on ships and energy sites in the Persian Gulf have driven oil prices back above $100 a barrel. Global stocks took a hit on Thursday as tensions spiked in the key shipping route. The U.S. Treasury Secretary Scott Besan says the Navy will soon escort oil tankers through the strait of Hormuz. He told Sky News it could happen as soon as it's safe, possibly with help from other nations. And with that news, oil prices climbed despite a big release of 400 million barrels from strategic reserves around the world. Nearly half came from the United States. Some tankers, including Iranian and Chinese ones, have still made it through without issues. That suggests Iran hasn't blocked the strait with mines yet. Officials are watching closely, and more details could emerge soon from White House discussions.