Middle East Conflict Drives Brent Crude Past $100

Brent crude oil prices rose above US$100 per barrel on Wednesday for the first time in six weeks, as tensions in the Middle East intensified.

The price increase was driven by concerns over supply disruptions and the potential impact of ongoing military strikes on oil flows from the region.

Ole Hansen, head of commodity strategy at Saxo Bank, noted that the market is 'increasingly having to change its view' on the duration of the Middle East crisis and its effects on supply.

The physical crude oil market has been above US$100 per barrel since September 3, according to LSEG data, while refined fuels such as gasoline and diesel have also exceeded this threshold, with European diesel futures trading at around US$199 per barrel.