Oil Prices Soar Past $100 a Barrel Amid Escalating US-Iran Tensions

Oil prices have surged past $100 a barrel after US and Iranian forces launched new attacks in the Middle East. The international standard, Brent crude, settled at $101.21 per barrel on Wednesday, while US benchmark crude finished at $96.05.

The spike is attributed to escalating tensions between the US and Iran, which have disrupted global oil supplies already constrained by war. The return of $100 a barrel marks a significant milestone for markets, but experts warn that prolonged steep prices could worsen economic fallout.

Lukman Otunuga, market research head at FXTM, noted that 'Brent breaking above $100 is a major psychological milestone for markets, but the bigger concern is what this means for inflation.'