Oil Prices Soar Above $100 Amid Escalating Middle East Conflict

Oil prices surged above $100 per barrel on Wednesday as the Middle East conflict deepened concerns over global crude supplies and threatened key shipping routes. Brent crude futures climbed $2.77, or 2.83%, to $100.69 a barrel by 10:33 a.m. GMT.

The last time Brent traded above $100 was July 24. Since the war with Iran began on February 28, Brent has reached as high as $126.41 a barrel.

Olivier Hansen, head of commodity strategy at Saxo Bank, said Brent's return above $100 reflected a fundamental shift in market expectations over the duration of the Middle East crisis and its potential impact on regional supplies.