$100 Oil: Tensions in Middle East Send Brent Crude Prices Soaring
Brent crude oil prices have surged past $100 per barrel for the first time since July due to renewed conflict in the Middle East and concerns over oil supply disruptions.
The price of Brent, a global benchmark, has risen by around a quarter since August 1, currently trading at $100.5 per barrel with a 2.6% increase. In contrast, US WTI is trading at $94.97, up 2.09%.
The recent escalation in tensions began on September 2 when Iran-backed Houthis attacked energy facilities in Saudi Arabia. The US subsequently struck several Iranian oil tankers, prompting a counterattack by Iran on a US military base in Jordan and shipping vessels.
Saudi Arabia has redirected some of its exports to bypass the Strait of Hormuz, but continued attacks on energy infrastructure and shipping could further reduce global supplies.