Oil Prices Soar Above $100 as Middle East Tensions Escalate

Oil prices have surged above $100 per barrel as tensions in the Middle East continue to escalate. The conflict between the United States and Iran has raised concerns about global energy supplies, causing Brent crude to trade above $100 per barrel on Thursday.

The latest rally comes after a period of hope that tensions would ease, with Brent crude trading below $72 per barrel earlier this month. However, renewed fighting between the US and Iran, along with attacks on key shipping routes, have increased uncertainty over global oil supplies.

Markets are also watching Ukraine's continued drone strikes on Russian oil refineries, which have disrupted refining capacity and added to the pressure. The combined pressures have pushed oil prices sharply higher, benefiting many Canadian energy producers.