Oil Price Surge Hits $100 Barrier Amid Middle East Tensions

Crude oil prices have surged to new heights, with Brent crude approaching $100 per barrel. The gains are largely attributed to escalating Middle East attacks that have heightened concerns over Gulf exports and shipping through the Strait of Hormuz.

According to Reuters, Brent crude was trading at $99.33 per barrel, up 1.4%, while U.S. West Texas Intermediate (WTI) rose 1.4% to $94.34 per barrel. The gains extend oil's advance to a fourth consecutive session, following new attacks involving Iran, U.S. forces, and Iran-backed Houthis that raised the risk of further disruptions to regional energy infrastructure.

Market analyst Shyam Nair Krishnan notes that Brent's daily chart shows the benchmark approaching an important technical barrier after a strong recovery from its summer lows. The immediate resistance zone is around $102-$104, where a horizontal supply zone converges with a longer-term descending trendline.