$100 Oil Reaches New Heights Amid Renewed Gulf Tensions

Oil prices have surged past $100 per barrel for the first time since July as renewed fighting in the Gulf threatens inflation progress. Brent crude surpassed $100 a barrel, while West Texas Intermediate jumped to $95 a barrel, both record highs since an interim peace deal was reached earlier this summer.

The surge came after the US destroyed several Iranian oil tankers over the weekend in response to Tehran's attempted attacks on American warships in the region. Energy facilities in Saudi Arabia were also attacked by Iran-allied militant groups, adding to fears about constrained supplies and increasing price pressures.

Oil supplies have been under pressure before the recent escalation, with traffic through the Strait of Hormuz remaining well below pre-war levels. The US has pushed for conditions for passage through the strait to return to pre-war norms, while Iran insists it be allowed to collect fees from ships passing through.