Oil Prices Soar Above $100 as Conflict Fears Escalate

Oil prices rose above $100 per barrel as investors grew concerned about the potential return to active conflict between the US and Iran, which could further tighten crude oil and refined product supplies.

The price of Brent for December increased by 4.4% to settle above $102 a barrel after the Wall Street Journal reported that the US is sending a third aircraft carrier strike group to the Middle East.

Iran has appeared to have loaded no crude oil onto tankers in September, according to data, indicating the effectiveness of the US naval blockade in severing Iran's access to energy markets.

Traders are wary that an increasingly cornered Iran could respond by intensifying the conflict, which would exacerbate supply constraints and push prices even higher.