Commodities
Oil Prices Soar Above $100 per Barrel Amid Middle East Conflict
Global oil prices have surged to $101.21 per barrel, exceeding their previous high since May 22, as tensions in the Middle East continue to escalate.
The Brent crude price rose 3.36% on Wednesday, while US crude oil increased by 3.25%, reaching its highest closing level since May 22.
The increase is attributed to conflict and war developments, including the US striking Iranian oil tankers and Houthi rebels attacking Saudi Arabia's oil infrastructure.
Oil prices have been volatile this year, fluctuating in response to flare-ups in fighting and monitoring of oil tanker traffic through the Strait of Hormuz.