Middle East Tensions Drive Oil Prices Toward $100 per Barrel Mark

Oil prices are on track to exceed $100 per barrel by the end of this week for the first time since mid-May, according to recent developments in the Middle East. The price surge is attributed to a growing number of attacks on key shipping routes, which has heightened fears of prolonged supply disruptions.

The Brent crude futures fell by $1.64, or 1.5%, to $105.99 per barrel as of 06:43, while West Texas Intermediate crude fell by $1.28, or 1.3%, to $101.20 per barrel. Despite the slight decrease, prices for these benchmark grades of crude oil are still trading more than 10% above last week's levels.

The escalation of the conflict in the Middle East has increased fears of disruptions to transport infrastructure across the wider region. Analysts say that attacks from Yemen on Saudi energy facilities have marked an escalation beyond Iran and the Strait of Hormuz, leading to a significant increase in oil prices.