Middle East Conflict Pushes Oil Prices Near $100

Military tensions in the Middle East have pushed international oil prices to near-record highs. Brent crude futures traded at $99.25 a barrel, while West Texas Intermediate futures changed hands at $93.91. The surge in prices comes as armed conflict involving key Middle East oil producers escalates.

The Iran-backed Houthi rebels in Yemen have attacked refining facilities and air bases belonging to Saudi Aramco, Saudi Arabia's state-owned oil company. The strikes were seen as retaliation for recent air raids by the Saudi-led coalition on key areas of Yemen.

Clashes between the US and Iran have also continued, with both sides engaging in retaliatory actions. Iran's Islamic Revolutionary Guard Corps fired a ballistic missile at a US Navy warship on September 6, prompting US forces to strike three Iranian oil transport vessels. The IRGC later claimed it had attacked tankers and other vessels linked to the US.

The escalating conflict has heightened concerns over potential disruptions to crude supply. With prices already near $100 a barrel, any further supply chain issues could have significant implications for global markets.