Oil Prices Nearing $100 as Middle East Tensions Rise
Oil prices are nearing $100 per barrel as escalating US-Iran tensions heighten fears of supply disruptions, while global stocks come under pressure ahead of crucial US inflation data.
The Brent crude price rose to $99.68 a barrel on Wednesday, approaching the $100 mark for the first time since July, with West Texas Intermediate (WTI) climbing toward $95, its highest level since June.
The latest surge in oil prices follows a fresh escalation in the US-Iran conflict, which has entered its seventh month with no clear sign of de-escalation. Iran struck a US military base in Jordan after American attacks on Iranian vessels in the Strait of Hormuz, and threatened to target oil tankers operating off Kuwait and Bahrain.
The confrontation is affecting alternative energy routes, with Saudi Arabia and Iran-backed Houthis in Yemen exchanging strikes, targeting oil facilities as part of an offensive toward the Bab al-Mandab chokepoint.