Middle East Tensions Send Brent Crude Prices Soaring Above $100

Brent crude futures rose above $100 per barrel for the first time since late July after Iran and the US struck tankers in the Middle East, threatening to worsen energy supply impairments.

The front-month Brent crude futures price reached $100.95 a barrel, a 3.1% increase from the previous day, while U.S. West Texas Intermediate crude was up 3% at $95.78 a barrel, its highest level since early June.

Ole Hansen, head of commodity strategy at Saxo Bank, said that the market is changing its view on how long the Middle East crisis will continue to curb supply from the region, contributing to the price rise.