Brent Crude Rises Above $100 per Barrel Amid Middle East Tensions

Brent crude oil prices have risen above $100 per barrel for the first time since July 24, fueled by escalating tensions in the Middle East. The benchmark crude futures rose $2.15, or 2.2%, to $100.07 a barrel on Wednesday, while US crude futures were up $1.70, or 1.83%, at $94.73 a barrel.

The conflict between the US and Iran has intensified, with attacks by Iranian-backed Houthis on Saudi energy facilities threatening oil shipments via the Red Sea. This could compromise an alternative route to the Strait of Hormuz, where crude flows have been severely curtailed since February 28.

Several major banks, including Goldman Sachs, Bank of America, and HSBC, have raised their crude price forecasts in recent days, reflecting growing concerns about oil supply. The International Energy Agency has predicted a global oil supply shortfall this year, with production expected to fall by 4.3 million barrels per day.