Brent Crude Nears $100 Amid Escalating Middle East Tensions

Oil prices surged on Wednesday, nearing $100 per barrel, as Middle East tensions escalated and disrupted supply chains.

Brent crude futures rose to $99.49 a barrel, the highest level since late June, while U.S. West Texas Intermediate crude was at $94.63 a barrel, up $1.60 from the previous session.

Asian stock markets were subdued, with Japan's Nikkei up 0.6% and Hong Kong's Hang Seng dropping 0.6%, but overall sentiment remained cautious amid concerns over inflation and global instability.