Brent Crude Tops $100 as Middle East Conflict Deepens
Brent crude oil prices rose above $100 a barrel for the first time since July 24, hitting a more than six-week high on Wednesday. This comes as intensifying conflict in the Middle East raises concerns about oil flows from the region.
The price increase is largely due to ongoing tensions between the US and Iran, which have been escalating since February 28. The conflict has disrupted oil shipments through the Strait of Hormuz, a critical chokepoint for global oil supplies.
Market participants are pricing in a more prolonged conflict, with some economists warning that the recent attacks on oil tankers could further disrupt oil flows and drive up prices. Goldman Sachs, Bank of America, and HSBC have all raised their crude price forecasts in recent days.