$100 Oil Prices Surge Amid Middle East Tensions

Oil prices have surged past $100 per barrel for the first time in six weeks due to escalating tensions between the US and Iran. The rise is attributed to ongoing conflicts affecting supply from the region, with Brent crude increasing by a quarter since last month.

The recent Iran-backed Houthi attacks on Saudi energy facilities have fueled fears of disruptions across the Gulf. This has led to growing vulnerabilities in the global market following months of supply losses through the Strait of Hormuz.

Analysts warn of prolonged high energy prices, structural issues, and potential economic impacts, particularly as the US heads into midterm elections with high fuel costs posing political risks.