Oil Prices Hit $100 Per Barrel as Middle East Conflict Escalates

Global oil prices have surged to $100 per barrel as tensions in the Middle East escalate. The rise is attributed to ongoing conflict between the US and Iran, as well as attacks on Saudi Arabia's oil infrastructure by Iranian-backed Houthi rebels.

The price of Brent crude, a global benchmark, briefly touched $100 per barrel for the first time since July before falling back slightly. US crude oil also rose 1.3% to reach $94 per barrel.

This marks a significant increase in oil prices, with Brent and US crude up more than 60% this year alone. The surge has pushed up energy costs globally, affecting consumers' wallets and putting inflation in focus for central banks.