Brent Crude Surges Past $100 as West Asia Conflict Reignites Supply Fears

Brent crude oil prices have surged past $100 per barrel for the first time since July 24, driven by escalating conflict in West Asia and fears of global supply disruptions.

The Brent futures rose $2.15 (2.2%) to $100.07 a barrel, while US WTI crude climbed $1.70 (1.83%) to $94.73 a barrel. This marks a 25% jump since early August, with major financial institutions including Goldman Sachs, Bank of America, and HSBC raising their oil-price forecasts.

The conflict in West Asia has triggered fires at oil facilities and heightened concerns that it could spill across the region, threatening key shipping routes such as the Red Sea and Strait of Hormuz. The International Energy Agency (IEA) recently projected a 4.3 million-barrel-per-day decline in global supply this year, roughly 4% of total output.