$100 Oil: Middle East Conflict Fuels Brent Price Spike

Brent crude oil futures surged past $100 a barrel on Wednesday as escalating conflict in the Middle East fueled concerns about supplies.

The price hike comes after Houthi attacks on Saudi energy facilities, which have threatened to expand the conflict and disrupt crude shipments via the Red Sea.

Brent crude prices have risen 25% since early last month, with many banks raising their crude price forecasts in recent days.

Goldman Sachs, Bank of America, and HSBC are among those that have increased their forecasts, citing concerns about global oil supply.

The International Energy Agency predicted a 4.3 million barrel per day (bpd) drop in global oil supply this year.