Oil Prices Soar Above $100 a Barrel Amid Escalating US-Iran Conflict

Oil prices surged above $100 per barrel on Wednesday as fighting between the US and Iran escalated, threatening to increase costs for consumers and businesses worldwide.

The international standard Brent crude climbed into triple digits for the first time since July, settling at $101.21 a barrel, while U.S. benchmark crude finished at $96.05 a barrel.

Experts have warned that a prolonged period of steep prices would worsen the economic fallout, with higher energy costs rippling through the global economy and adding to inflation concerns.

Lukman Otunuga, market research head at FXTM, noted that Brent breaking above $100 is a major psychological milestone for markets, but the bigger concern is what this means for inflation.