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Oil Prices Nearing $100 Amid Escalating Middle East Tensions

Guavy AI Editorial Team
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Oil prices neared $100 per barrel on Wednesday for the first time since July as escalating attacks across the Middle East fueled concerns over disruptions to oil supplies from the region.

Brent crude futures rose 1.3% to $99.22 a barrel by 0614 GMT, while U.S. West Texas Intermediate crude was up 1.2% at $94.13 a barrel.

The Middle East war intensified on Tuesday with Iranian-backed Houthis in Yemen launching strikes on several Saudi cities, further embroiling a U.S. ally in the conflict.

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