Middle East Conflicts Push Oil Prices Past $100 Barrel

Oil prices have surged past $100 a barrel for the first time since July due to ongoing conflicts in the Middle East. The latest escalation comes after the US military reported striking five Iranian tankers on Tuesday, following attempted missile attacks on a Navy warship and fires at oil facilities in Saudi Arabia.

The Brent crude benchmark climbed into triple digits for the first time this year, settling at $101.21 a barrel by the end of trading on Wednesday. The US benchmark crude was close behind, settling at $96.05 a barrel.

Lukman Otunuga, market research head at global broker FXTM, noted that 'Brent breaking above $100 is a major psychological milestone for markets, but the bigger concern is what this means for inflation.'