Middle East Tensions Send Brent Crude Prices Above $100

Brent crude oil prices have surged above $100 per barrel for the first time since May as tensions in the Middle East escalate.

The price of Brent crude settled at $101.21 a barrel on Wednesday, September 9, after reaching an intraday high of $101.58, according to Reuters.

The increase in price is attributed to renewed attacks involving Iran and the United States around the region's shipping routes, which has led to disruptions in oil shipments through the Strait of Hormuz.

The Strait of Hormuz is a critical waterway for global energy supplies, with about one-fifth of the world's oil and gas passing through it. The recent attacks have resulted in a significant decline in oil flows, from eight million to nine million barrels per day to below two million barrels per day.

The pressure on fuel markets is already being felt, with physical Brent crude trading above $100 a barrel since September 3. Refined products such as petrol and diesel remain expensive due to the conflict's contribution to a global refining crunch.