Brent Crude Surpasses $100 as Middle East Tensions Escalate

Brent crude futures surpassed $100 per barrel for the first time since July 24 as tensions in the Middle East intensified and raised concerns about regional oil supply disruptions.

The Brent crude price rose by 2.2% to $100.07 a barrel, while West Texas Intermediate (WTI) crude increased by 1.83% to $94.73 per barrel.

Markets are monitoring the Strait of Hormuz and Red Sea shipping routes for disruptions, which could impact global oil supplies.

The rise in Brent crude futures was attributed to attacks on Saudi energy facilities by Iran-backed Houthis and reduced crude flows through the Strait of Hormuz, where shipments have declined since the start of the Iran conflict.