Crude Oil Surges Past $100 as Middle East Conflict Escalates

Crude oil prices have surpassed US$100 per barrel for the first time in three months, driven by escalating tensions in the Middle East.

The price surge comes as the conflict between Israel and Hamas intensifies, with concerns over global supply and market stability.

According to recent data, crude oil futures jumped to a high of US$103.67 per barrel on the New York Mercantile Exchange (NYMEX) before settling at around US$102 per barrel.

The price increase has been attributed to worries over the potential impact of the conflict on global energy supplies and market sentiment.