Oil Prices Soar Past $100 Per Barrel Amid Ongoing Conflict

Oil prices surged past $100 per barrel after a new wave of attacks in the Middle East. The increase, which marks the first time Brent crude has reached triple digits since July, is attributed to ongoing conflict and disruptions in oil supply chains.

The US military's strike on five Iranian tankers on Tuesday and subsequent attacks by Houthi rebels in Saudi Arabia have escalated tensions, leading to higher prices. U.S. benchmark crude settled at $96.05 per barrel, while Brent crude climbed to $101.21 per barrel.

Market experts warn that prolonged high oil prices will worsen the economic fallout of the conflict. 'Brent breaking above $100 is a major psychological milestone for markets, but the bigger concern is what this means for inflation,' said Lukman Otunuga, market research head at FXTM.