Oil Price Surge Continues as Middle East Conflict Escalates

Oil prices have surged back above $100 per barrel as renewed attacks on tankers and energy facilities in the Middle East continue to fuel concerns about supply disruptions.

The Brent crude price briefly reached a high of $100.19 on Wednesday, its highest level since July 24, while West Texas Intermediate traded above $94.

Despite earlier attempts to stabilize prices, Brent has now climbed roughly 25% since early August, driven by the escalating conflict in the region.

The International Energy Agency (IEA) expects global oil supply to fall by 4.3 million barrels per day in 2026, with a shortage of around 1.27 million barrels per day expected across the year.