$100 Barrel Club: Global Crude Oil Prices Soar Amid Gulf Tensions

Global crude oil prices have surged above $100 per barrel due to escalating geopolitical tensions in the Gulf and concerns over global energy supplies.

The rise in Brent crude was 0.43% or $0.44, while US West Texas Intermediate (WTI) crude gained 0.69% or $0.64 to $92.83 a barrel.

Market experts attribute the spike in oil prices to the Iran-backed Houthi forces' attack on Saudi tankers in the Red Sea, which has opened a new front alongside continued disruptions in the Strait of Hormuz, two of the world's most critical oil transit routes.

The conflict in the region is intensifying, with the US launching fresh air strikes on Iran and Tehran reportedly firing missiles at neighboring Arab countries hosting US military bases.