Middle East Tensions Spark Oil Price Surge Past $100

Oil prices breached the $100 threshold for the first time since July 24 as tensions in the Middle East escalated, with Brent crude futures rising as much as 3% to a session high of $100.95.

The surge was fueled by Iran's firing of ballistic missiles at a U.S. base in Jordan and both sides claiming to have attacked vessels, raising concerns about oil supplies from the region.

Stock markets across the globe came under pressure as energy prices increased, driving worries that higher inflation will prompt central banks to keep monetary policy tighter for longer.

Societe Generale multi-asset strategist Manish Kabra stated, 'We think crude needs to hit $150 to create a major drawback in demand cycle.'