Commodities
Middle East Tensions Send Oil Prices Soaring Above $100
Oil prices surged above $100 per barrel as tensions in the Middle East escalated. The West Texas Intermediate (WTI) rose by almost 7% to settle at over $104, while Brent crude reached its highest level in nearly four months, nearing $108. The sharp increase is attributed to fears of deeper supply disruptions due to the ongoing hostilities between Iran and the US.
The conflict has led to concerns about energy flows in the region, with little sign of a near-term ceasefire or return to normal. This has stoked fears among investors, leading to the significant price jump.