Middle East Tensions Push Oil Prices Near $100 a Barrel
Oil prices are nearing $100 a barrel as tensions in the Middle East escalate. The Brent crude futures have risen by $1.57, or around 1.6%, to reach $99.49 per barrel, their highest level since late June.
The surge is attributed to recent attacks in the region, including Iran-backed Houthi rebels' strikes on several Saudi cities and US forces' strikes on Iranian oil tankers. The conflict has heightened concerns about disruptions to oil supplies through the Middle East, particularly via the Strait of Hormuz.
The rise in oil prices has weighed on Asian stock markets, with investors also looking to upcoming US inflation data for clues about the Federal Reserve's interest-rate policy. The US consumer price data is due to be released on September 11 and will provide insight into whether inflation remains persistently high.