Middle East Supply Crisis Pushes Crude Oil Past $100 Mark

Crude oil prices have broken through the $100 barrier, with October WTI futures trading at $101.26 early Friday.

This represents a significant increase of $10.04 or 11.01% for the week so far, marking the strongest level since May when it reached $104.46.

The escalation in tanker attacks around the Strait of Hormuz and Saudi energy facilities being targeted has heightened concerns about supply disruptions.

While every Middle East barrel hasn't disappeared, the number of barrels that cannot reach the market is growing, making available routes more treacherous.