Middle East Conflict Drives Brent Crude Past $100 a Barrel

Brent crude prices surged past $100 a barrel on Wednesday, reaching a six-week high as tensions in the Middle East escalated. The conflict has been ongoing for six months and has led to concerns about oil flows from the region.

The price of Brent crude rose by $2.01 or 2.05% to $99.93 a barrel, while U.S. West Texas Intermediate crude was up $1.49 or 1.60% at $94.52 a barrel. This marks the first time since July 24 that Brent crude has breached the $100 threshold.

The conflict between the US and Iran began on February 28, leading to a surge in oil prices. Since then, prices have risen by a quarter, with Brent reaching as high as $126.41 a barrel on April 30.