Middle East Tensions Send Brent Oil Price Soaring to $105

The price of Brent oil surged to $105 per barrel as tensions in the Middle East escalated, sparking concerns about global supplies.

Rising prices have been driven by renewed fighting over the past week and the prospect of a lengthy conflict.

Iran has signaled it will escalate its strikes if the US continues attacking its territory, while Tehran-backed Houthis in Yemen are targeting Saudi Arabian assets.

The kingdom warned that its crude production plummeted last month to its lowest since 1990 due to attacks on its facilities.

The Dated Brent physical market benchmark was priced at $114 per barrel on Wednesday as fresh buying from Asia tightened supplies.