Brent Crude Surges Past $100 a Barrel Amid Escalating US-Iran Tensions
Brent crude oil futures rose above $100 a barrel for the first time since July 24, as escalating tensions between the US and Iran fueled concerns about Middle Eastern oil supplies.
The price increase of $2.15, or 2.2%, to $100.07 a barrel by 0721 GMT on Wednesday followed a series of attacks by Iran-backed Houthis on Saudi energy facilities, which set oil installations ablaze and threatened a significant expansion of the conflict.
The Houthi attacks could disrupt crude shipments via the Red Sea, a key alternative route to the Strait of Hormuz, where flows have been severely curtailed since the US and Israel triggered the war on February 28.
A number of banks, including Goldman Sachs, Bank of America, and HSBC, have raised their crude price forecasts in recent days, reflecting growing concerns about global oil supply.