Brent Crude Surpasses $100 Amid Ongoing Conflict in Middle East

The price of Brent crude oil has surpassed $100 for the first time since July. It rose by 2.2% to reach $100.07 per barrel, while American WTI crude gained 1.83% to $94.73 a barrel.

This increase is attributed to attacks on Saudi energy infrastructure by Yemen's Houthis, which have sparked fires at oil facilities and threatened routes through the Red Sea.

The International Energy Agency estimates that global oil supply will fall by 4.3 million barrels a day this year due to these disruptions.

Bank forecasts vary in their predictions for future prices, with Bank of America warning of a possible $150 per barrel if the conflict widens and Goldman Sachs estimating around $90 per barrel by the end of 2026.