Middle East Tensions Push Brent Crude Prices Near $100

Brent crude prices have reached nearly $100 per barrel for the first time since July as escalating attacks across the Middle East intensify concerns over disruptions to oil supplies.

The price of Brent crude futures rose 1.3% to $99.22 a barrel by 0614 GMT, while U.S. West Texas Intermediate crude was up 1.2% at $94.13 a barrel.

The Middle East war has seen a sharp escalation with Iranian-backed Houthis in Yemen launching strikes on several Saudi cities, further embroiling a U.S. ally in the conflict.

Bullish momentum is building in crude markets as Brent crude approaches the psychologically important $100-per-barrel mark, said Priyanka Sachdeva, head of market insights at Phillip Nova.