Middle East Tensions Push Oil Prices Towards $100 a Barrel

Oil exchange-traded funds (ETFs) have surged over 25% in the past month due to rising tensions in the Middle East, which has pushed global oil prices towards $100 a barrel.

The clashes between the US and Iran, combined with an attack on Saudi Arabian energy facilities, have increased supply worries and driven up oil prices.

Goldman Sachs predicts that Brent crude could climb as high as $120 a barrel if supply disruptions worsen in the Gulf region.

Rising oil prices are expected to add to US inflationary pressure and weigh on monetary policy, with markets now focused on the August consumer price index due Friday and the Federal Open Market Committee meeting scheduled for September 15-16.