Oil Prices Surge Near $100 a Barrel Amid Middle East Supply Concerns

Global oil prices have surged to near $100 a barrel due to renewed concerns over supplies from the Middle East. Brent crude hit a high of $99.46 per barrel on Tuesday, its highest level in several weeks, while US West Texas Intermediate reached $94.73.

The increase in prices is attributed to attacks on Saudi energy facilities and ongoing disruption affecting tanker movements through the Strait of Hormuz, which normally carries around one-fifth of global oil and liquefied natural gas shipments.

Oil markets are also being affected by tight supplies of refined products, including diesel. As a result, higher international oil prices can ultimately feed through into the cost of petrol, diesel, and home-heating oil in Ireland.