Brent Crude Futures Surge Past $100 as Middle East Tensions Escalate

Brent crude oil futures have broken above $100 a barrel for the first time since late July, amidst escalating tensions in the Middle East. The price increase comes after Iran and the US struck tankers in the biggest wave of attacks on shipping since the war began.

Front-month Brent crude futures were up 3.1% at $100.95 a barrel as of 1:39 p.m. EDT (1739 GMT), after touching a high of $101.58. US West Texas Intermediate crude was up 3% at $95.78 a barrel, its highest level since early June.

Ole Hansen, head of commodity strategy at Saxo Bank, said the move above $100 Brent is 'reflecting a market that increasingly has to change its view on how long the Middle East crisis will continue to curb supply from the region.'