Commodities
Brent Crude Surpasses $100 as Middle East Tensions Escalate
Brent crude prices have surpassed $100 per barrel for the first time in several months amid escalating tensions in the Middle East. The conflict between Iran and the United States has led to concerns about disruptions to energy supplies, causing oil prices to rise.
Brent crude futures rose by $3.29, or 3.4%, to $101.21 per barrel, with a high of $101.58 during trading. U.S. West Texas Intermediate (WTI) crude also increased by $3.02, or 3.25%, to $96.05 per barrel.
Analysts believe that the market is pricing in the risk of prolonged disruptions to energy supplies from the Middle East. The situation around the Strait of Hormuz, through which about 20% of the world's oil and gas supplies pass, has raised particular concern.