Oil Prices Soar Above $100 Amid Red Sea Attacks and Geopolitical Tensions

Global crude oil prices have surpassed $100 per barrel amid escalating geopolitical tensions in the Gulf region. The price of Brent crude rose by 0.43% or 44 cents, while US West Texas Intermediate (WTI) crude gained 0.69% or 64 cents to $92.83 a barrel.

The recent spike in oil prices is attributed to attacks on Saudi tankers by Iran-backed Houthi forces in the Red Sea and disruptions in the Strait of Hormuz, two critical oil transit routes. Market experts say that the attack has reignited fears of persistent inflation due to renewed geopolitical tensions and fading hopes of a ceasefire.

The conflict in the region continues to intensify, with the US launching fresh air strikes on Iran and Tehran reportedly firing missiles at neighboring Arab countries hosting US military bases. The sharp rise in oil prices has also weighed on global equity markets, with Japan's Nikkei tumbling around 3%, Hong Kong's Hang Seng slumping more than 3%, and South Korea's KOSPI plunging over 5%.