$100 Oil Prices Reignite Fears of Supply Disruptions and Inflation

Global oil prices have surged past $100 per barrel for the first time in six weeks due to intensified conflicts between US and Iranian forces.

The increase in prices has accelerated after Iran-backed Houthi attacks set Saudi energy facilities ablaze, intensifying the risk of wider disruptions in the Gulf region.

The global market's growing vulnerability has been exacerbated by recent disruptions through the Strait of Hormuz, where oil exports have been reduced due to war in Iran.

The US has heavily tapped into its Strategic Petroleum Reserve, now at its lowest since 1982, amid the escalating tensions and supply disruptions.