Oil Prices Soar Above $100 Per Barrel Amid Middle East Tensions
Global oil prices have breached the $100-per-barrel mark for the first time since July, driven by a series of attacks on oil facilities and vessels in the Middle East. According to data from SunSirs, Brent crude futures for November delivery rose 3.36% on Wednesday to settle at $101.21 per barrel, while light crude futures for October delivery on the New York Mercantile Exchange climbed 3.25% to settle at $96.05 per barrel.
The average price of regular gasoline has risen to $4.22 per gallon, more than $1 higher than the same time last year, according to data from the American Automobile Association (AAA). The average price of diesel reached $5.94 per gallon.
The US military struck five Iranian oil tankers in response to an attempted missile attack on a naval warship, and markets reacted to attacks by the Iran-backed Houthi militia that set multiple Saudi oil facilities ablaze. Bank of America analysts raised their oil price forecast for the second half of the year to $83 per barrel, citing the prolonged impact of supply disruptions in the Strait of Hormuz.