Oil Prices Soar Past $99 Amid Escalating Middle East Tensions
Oil prices rose to nearly seven-month highs on Wednesday, surpassing $99.49 per barrel for Brent crude and $94.63 per barrel for WTI. The surge in oil prices was driven by escalating tensions in the Middle East, including attacks on Saudi cities by Iranian-backed Houthis in Yemen.
The increasing inflation worries ahead of the release of US consumer price data on Friday contributed to the upward momentum in oil markets. Chris Weston, head of research at Pepperstone, noted that Brent crude is currently 'one of the clearest real-time signals for sentiment' and that $100 'now feels like a highly achievable level.'
Asian stock markets were subdued, with the Australian Stock Exchange (ASX) slipping 0.3% and the Shanghai Composite Index edging up 0.2%. However, some regional benchmarks showed gains, with the Nikkei 225 rising 0.6% following a 1.7% tumble on Tuesday.