$100 Oil Prices Soar Amid US-Iran Conflict in Middle East

Oil prices have surged above $100 a barrel as renewed US-Iran fighting in the Middle East disrupts global energy supplies.

The conflict is putting two key oil shipping routes under pressure, impacting crude oil flow internationally and driving up refining costs.

'Spot crude price alone is misleadingly benign,' wrote Vishnu Varathan, Asia Pacific head of macro strategy at Mizuho, in a note on Friday. He added that refined-fuel premiums have surged, showing the energy shock is greater than $100 Brent would suggest.

Brent crude futures traded around $98 a barrel early Friday, after briefly reaching $100 the previous day. US West Texas Intermediate futures were near $90 a barrel.