Middle East Conflict Drives Brent Crude Past $100 Barrier

Brent crude oil prices have surged to $100.07 per barrel on Wednesday, marking its first time above this threshold since July 24.

The sharp rise is attributed to growing concerns over disruptions to oil supplies due to escalating conflict in the Middle East.

The Houthi forces' attacks on Saudi energy facilities have set several oil installations ablaze and raised fears of further spread of the conflict, potentially disrupting regional energy supplies.

According to Claudio Galimberti, chief economist at Rystad Energy, around 8 million to 9 million barrels per day flowed through the Strait of Hormuz in the week before fighting resumed on August 30, nearly twice the previous week's volume. However, flows have more recently dropped below 2 million barrels per day.