Oil Nears $100 as Middle East Tensions Escalate

Oil prices neared $100 per barrel as escalating attacks in the Middle East raised concerns over disruptions to oil supplies. Brent crude futures rose by 1.3% to $99.22 a barrel, while U.S. West Texas Intermediate crude was up 1.2% at $94.13 a barrel.

The increase follows six months of fighting between Iran and Saudi Arabia-backed forces in Yemen. On Tuesday, the conflict intensified with Iranian-backed Houthis launching strikes on several Saudi cities.

Priyanka Sachdeva, head of market insights at Phillip Nova, said that bullish momentum was building in crude markets as Brent crude approached the psychologically important $100-per-barrel mark.