$100 Oil Prices Set as Middle East Tensions Escalate

Brent crude futures have broken through the $100 per barrel threshold for the first time since July, as escalating hostilities in the Middle East threaten to further constrict oil flows from the region.

The immediate catalyst was a wave of drone and missile strikes by Iran-backed Houthi forces on Saudi energy infrastructure, including facilities operated by state oil giant Saudi Aramco.

The attacks set several installations ablaze across the southern cities of Abha, Khamis Mushait, Jazan and Najran, according to market sources, injuring dozens and forcing at least partial shutdowns.

The move extends a rally that has lifted Brent by roughly a quarter since early August, erasing the relief that followed a short-lived ceasefire agreement earlier in the summer.