Middle East Tensions Send Oil Prices Soaring Past $100 a Barrel

Oil prices have surpassed $100 a barrel for the first time since May as tensions in the Middle East escalate.

The conflict has been ongoing, but this latest surge is particularly concerning due to the partial drawdown of reserves and the lack of clear resolution.

The International Energy Agency warned earlier this month that world production was below pre-war levels by around 9.4 million barrels a day, making the current situation even more precarious.

Maya Senussi of Oxford Economics noted that if both the Red Sea and the Strait of Hormuz were effectively closed to traffic, the price of oil could eventually pass $160 a barrel.