Brent Crude Surges to $101.04 as US-Iran Tensions Escalate

The price of Brent crude oil has surged to $101.04 per barrel, its highest level in six weeks, due to escalating tensions between the US and Iran.

The conflict has raised concerns about oil supply disruptions in the Middle East, with analysts warning that attacks on tankers and oil facilities may continue for the foreseeable future.

Iran-backed Houthis attacked Saudi energy facilities, setting oil installations ablaze, which increased the risk of disruptions spreading across the wider Gulf region.

The US has drawn heavily from its Strategic Petroleum Reserve (SPR), leaving it at its lowest level since 1982, with only 289.7 million barrels remaining.