Brent Crude Hits Six-Week High Amid Middle East Conflict
Brent crude prices have surged past $100 per barrel for the first time in over six weeks, amid escalating conflict in the Middle East and concerns over oil supplies.
The benchmark Brent crude futures rose by 2.05% to reach $99.93 a barrel on Wednesday, with US West Texas Intermediate crude gaining 1.60% to $94.52 per barrel.
This marks the first time Brent has crossed the $100 threshold since July 24, and prices have risen by about a quarter since early August as hopes for a lasting resolution to the US-Iran conflict have faded.
The recent attacks by Iran-backed Houthis on Saudi energy facilities have raised fresh supply concerns, increasing risks to crude shipments through the Red Sea, an alternative route to the Strait of Hormuz where oil flows have been sharply reduced since the conflict began.