Middle East Conflict Drives Brent Crude Past $100 a Barrel

Brent crude oil prices have surged past $100 a barrel amid escalating tensions in the Middle East, threatening oil supplies.

The futures rose by $2.88 to reach $100.80 per barrel at 1210 GMT, closely following physical crude and fuel markets that had already breached the significant $100 mark earlier.

This milestone has not been reached since July 24, and the current surge is largely attributed to the ongoing conflict in Iran, which began on February 28 and peaked at $126.41 a barrel in April.

The situation worsened with attacks by Iran-backed Houthis on Saudi energy facilities, jeopardizing critical oil routes like the Strait of Hormuz and alternative Red Sea pathways.