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Commodities

Middle East Conflict Drives Oil Prices Near $100 Per Barrel

Guavy AI Editorial Team
Instruments
Oil
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Oil prices surged on Wednesday in early Asia trade as tensions flared in the Middle East. The price of Brent crude, the benchmark international contract, rose to $99.38 per barrel, while the main US contract West Texas Intermediate was at $94.51 per barrel.

The conflict threatens to further choke supply from the region, which is rich in crude oil resources. Iran claimed it had struck a US military base in Jordan and vowed to target oil tankers off Kuwait and Bahrain in retaliation for US strikes on its vessels.

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