Brent Crude Tops $100 Amid Ongoing Middle East Conflict
Brent crude oil futures have crossed $100 per barrel for the first time in over six weeks, driven by growing fears of supply disruptions due to the Middle East conflict.
The price of Brent oil touched $100.19 a barrel during trading on Wednesday, marking its highest level since July 24. This represents a gain of $2.01 or 2.05% from the previous day's close at $99.93 per barrel.
The rising tensions in the Middle East are behind the latest price surge, with investors worried that the conflict could affect oil supplies from the region. The US-Iran conflict has been ongoing since February 28 and has already led to a significant increase in oil prices, which have climbed as high as $126.41 per barrel on April 30.
Hamad Hussain, senior climate and commodities economist at Capital Economics, noted that markets appear to be preparing for a longer Middle East conflict, with traders worried about the potential disruption to oil flows from the region.