$100 Oil: West Asia Tensions Send Brent Prices Soaring

Brent crude oil prices have breached the $100-a-barrel threshold for the first time since July 24, as escalating tensions in West Asia raise concerns over disruptions to global oil supplies.

The Brent futures price gained $2.15, or 2.2%, to trade at $100.07 a barrel by 0721 GMT on Wednesday. US West Texas Intermediate (WTI) crude also advanced, rising $1.70, or 1.83%, to $94.73 a barrel.

The latest rally has pushed Brent prices roughly 25% higher since the beginning of last month, with markets increasingly sceptical that the six-month-long US-Iran conflict will see a lasting resolution anytime soon.