Brent Crude Surges Past $100 a Barrel Amid Escalating Middle East Tensions

Brent crude oil futures surged past $100 a barrel on Wednesday, reaching a six-week high as tensions in the Middle East escalate.

The benchmark price rose by 2.05% to $99.93 a barrel, with US West Texas Intermediate crude up 1.60% at $94.52 a barrel.

Hopes for a permanent resolution to the six-month-old US-Iran conflict have faded, causing Brent prices to rise by a quarter since early last month.

The Iran war has already seen Brent surge as high as $126.41 a barrel on April 30, and this week's attacks on Saudi energy facilities threaten to disrupt oil flows from the region.

'Market participants appear to be pricing in a more prolonged conflict in the Middle East as well as the risk that the latest escalation in military strikes disrupts oil flows,' said Hamad Hussain, senior climate and commodities economist at Capital Economics.