Brent Crude Surges Past $100 Amid Middle East Conflict Fears
Brent crude prices have crossed the $100-a-barrel mark for the first time since July 24, amid escalating concerns over disruptions to oil supplies in the Middle East.
The latest surge extends a sharp rally in crude prices, with Brent up around 25% since early August. The move above $100 is being driven by growing fears that the conflict could increasingly affect the region's ability to move crude to global markets.
New Delhi, India - The escalating US-Iran conflict has heightened concerns over disruptions to oil supplies, with Brent futures rising as much as 2.2% to $100.07 a barrel on Wednesday.
The attacks by Iran-backed Houthis on Saudi energy facilities have added to those concerns, with oil installations reportedly set ablaze. The prospect of prolonged supply disruptions has prompted several major banks to raise their oil price forecasts.