Oil Prices Soar Above $100 Amid Escalating Middle East Tensions

Crude oil prices have surged above $100 per barrel as tensions in the Middle East continue to escalate. The recent Houthi attacks on Saudi Arabia have put further pressure on prices, despite physical barrels still transiting through the Strait of Hormuz.

The conflict has also seen Chinese buyers return to the market, replacing lost Iranian supply with their extensive inventory levels helping to moderate the global impact earlier in the disruption.

Analyst Porter Stansberry notes that while the US is relatively protected from energy disruptions due to its domestic production and refining capacity, it's not entirely immune. The country's Strategic Petroleum Reserve has fallen to 285.4 million barrels, its lowest level since November 1982.