Oil Prices Near $100 pb as Middle East Tensions Escalate

Brent crude prices have surged to near $100 per barrel on Wednesday due to intensified attacks in West Asia, raising concerns over further escalation in global oil prices.

The Brent crude futures price rose by $1.57 or 1.6% to reach $99.49 a barrel, while the West Texas Intermediate (WTI) crude price climbed by $1.60 or 1.72% to $94.63 a barrel.

This surge marks an increase of approximately 25% in Brent crude prices since early August due to the tense situation in the Middle East.