Oil Prices Soar Past $100 Amid Middle East Shipping Disruptions

Brent crude oil prices surged past $100 per barrel amid disruptions to major shipping routes in the Middle East. The Strait of Hormuz and Red Sea have been affected, threatening oil flows and contributing to the price hike. West Texas Intermediate also rose, trading at $91.70 per barrel.

ING commodity analysts Warren Patterson and Ewa Manthey warned that further escalation in the region could keep oil prices high without signs of de-escalation. They noted that Middle Eastern output remains 7-8 million barrels daily below pre-war levels due to low global inventories.

The disruptions have not only affected crude prices but also led to higher costs for motorists and businesses. U.S. regular gasoline averaged $4.09 per gallon, up from previous levels.