Middle East Conflict Drives Oil Prices to Near $100
Oil prices surged to near $100 per barrel on Wednesday for the first time since July due to escalating attacks in the Middle East, raising concerns over disruptions to oil supplies from the region.
Brent crude futures rose 1.3% to $99.22 a barrel by 0614 GMT, while U.S. West Texas Intermediate crude was up 1.2% at $94.13 a barrel, according to Reuters.
The price hike is attributed to the six-month-old war in the Middle East, which has intensified with Iranian-backed Houthis launching strikes on several Saudi cities and Iran targeting a U.S. base in Jordan and attacking ships.
Priyanka Sachdeva, head of market insights at Phillip Nova, said that 'bullish momentum is building in crude markets as Brent crude approaches the psychologically important $100-per-barrel mark.'