Oil Prices Soar Above $100 Per Barrel Amid Escalating Middle East Tensions

Global oil prices surged above $100 per barrel on Wednesday as tensions in the Middle East escalated, causing concerns about prolonged disruptions to oil supply.

Brent crude, the global oil benchmark, rose 3.36% and settled at $101.21 per barrel, its highest closing level since May 22.

The US hit four Iranian tankers in response to attempted ballistic missile attacks on a US Navy warship, adding to concerns that Iran's conflict is broadening across the region.

Oil prices have been volatile this year, oscillating as traders react to flare-ups in fighting and monitor oil tanker traffic through the Strait of Hormuz.