Brent Crude Tops $100 as Middle East Conflict Escalates

Brent crude oil futures have broken above $100 a barrel for the first time since July 24, amid escalating conflict in the Middle East.

The price surge follows recent attacks by Iran-backed Houthis on Saudi energy facilities, which has raised concerns about oil flows from the region.

Rystad Energy's Chief Economist Claudio Galimberti notes that roughly 8-9 million barrels per day (bpd) had flowed through the Strait of Hormuz in the week before fighting resumed on August 30, but this number has since fallen below 2 million bpd.

A growing number of banks, including Goldman Sachs, Bank of America, and HSBC, have raised their crude price forecasts in recent days, reflecting the increasing uncertainty surrounding global oil supplies.