$100 Oil: Middle East Conflicts Spark Global Price Surge

Crude oil prices have surged past $100 per barrel as a supply crisis deepens in the Middle East. The Strait of Hormuz remains largely shut down, and Yemen's Houthis are targeting tankers in the Bab el-Mandeb Strait. Kazakhstan has suspended oil flows via the Caspian Pipeline Consortium system due to Ukrainian drone attacks.

Brent crude is trading at $100.30 per barrel, while West Texas Intermediate is at $91.70 per barrel, both up over $10 per barrel since Monday. ING commodity analysts warn that further escalation in the Persian Gulf and fears of a widening conflict are putting significant amounts of oil supply at risk.

With little sign of de-escalation, oil prices are expected to continue rising. The key question is at what price level pressure will build on the Trump administration to return to the negotiating table.