Oil Prices Firm Above $100 as Middle East Tensions Escalate

Oil prices held steady above $100 a barrel on Thursday as tensions in the Middle East continued to escalate. The Brent crude futures price was at $101.10 per barrel, down by just 0.1% from the previous day's close.

The US and Iran launched their largest attacks on shipping since their conflict began six months ago, fueling concerns about supply disruptions. As a result, oil prices have been rising steadily in recent weeks, with Brent crude breaching the $100 mark for the first time this year.

The Strait of Hormuz, a key oil shipping route, has been at the center of the conflict between the US and Iran. The strait is a narrow waterway that connects the Persian Gulf to the Arabian Sea, and any disruptions to its operations can have significant impacts on global oil supplies.