Middle East Tensions Send Oil Prices Soaring to Near $100
Oil prices have risen to near $100 a barrel for the first time since July due to escalating attacks in the Middle East. Brent crude futures rose by 1.3% to $99.22 per barrel, while West Texas Intermediate (WTI) was up 1.2% at $94.13 a barrel.
The recent surge in oil prices has been driven by hopes for a permanent resolution to the six-month-old war fading and fighting flaring again. The Middle East conflict intensified on Tuesday with Iranian-backed Houthis launching strikes on several Saudi cities, further entangling a US ally in the conflict.
Analysts warn that sustained attacks on Saudi Arabia could complicate efforts to keep crude flowing to global markets. Higher oil prices have also stoked inflation fears, especially in Asia, as many economies are heavily dependent on imported energy.