Middle East Strikes Drive Oil Prices Nears $100

Oil prices have risen for the fourth consecutive day due to heightened concerns over supply disruptions following fresh Middle East strikes.

The Brent crude futures rose by 1.4% to $99.33 a barrel, while US West Texas Intermediate crude was at $94.34 a barrel, up 1.4%. This surge in prices comes as Iran continues its attacks on the United Arab Emirates, with oil loading at the port of Fujairah being halted partly after the third attack in four days.

The Middle East conflict has intensified, with Iranian-backed Houthis launching strikes on several Saudi cities, further drawing a US ally into the conflict. The US forces have hit multiple Iranian oil tankers, and Iran targeted a US base in Jordan.