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

The price of oil has surpassed $100 per barrel for the first time since July due to ongoing chaos in the Middle East. The Brent Crude benchmark, which sets the global standard for oil prices, reached $100.19 at around 8:15 am on Wednesday.

Escalating tensions in the region have sparked concerns about disruptions to oil supplies, with several attacks on energy infrastructure and shipping lanes reported this week.

The Houthi forces in Yemen, backed by Iran, launched strikes on several Saudi cities, targeting key US ally Saudi Arabia's energy infrastructure. The US military has also claimed to have destroyed five Iranian tankers carrying crude oil following attempts to strike a US Navy warship with ballistic missiles.