Brent Oil Surges Past $100 Amid Middle East Tensions

The price of Brent oil surged to its highest point since May after escalating conflicts in the Middle East threatened to disrupt global crude supplies. The increase in oil prices has a ripple effect, causing costs for businesses and eroding consumers' purchasing power.

Brent crude settled at $100.69 per barrel, up 7% from the previous day's close. The Strait of Hormuz and another key shipping route were under threat after attacks on two Saudi oil tankers in the Red Sea.

The price jump has sparked concerns about inflation, which could prompt central banks to raise interest rates. The European Central Bank kept its main interest rate steady at its meeting, but traders are betting on a 36% chance of a hike from the Federal Reserve next week.