Commodities
Crude Oil Prices Surge Above $100 Amid Escalating Tensions
Brent crude oil prices surged above $100 per barrel on Wednesday for the first time since July, driven by escalating tensions between the United States and Iran. The conflict has fueled concerns over disruptions to energy supplies from the Middle East.
The price of Brent futures, the benchmark for Europe, rose more than 2% to reach $100.01 per barrel at around 10:20 a.m. Bulgarian time, according to data cited by CNBC. U.S. light crude for November delivery also advanced, gaining 1.75% to $94.66 a barrel.
The latest escalation came after Iran-backed Houthis in Yemen attacked several Saudi cities on Tuesday. The United States also struck several Iranian oil tankers, while Iran responded by targeting a U.S. military base in Jordan.