Oil Prices Surge Near $100 Amid Escalating Middle East Conflict

Oil prices have risen to nearly $100 per barrel, their highest level since July, due to escalating attacks in the Middle East.

The conflict has intensified with Iranian-backed Houthis launching strikes on several Saudi cities, drawing a U.S. ally into the war.

Brent crude futures rose 1.3% to $99.22 per barrel, while WTI oil increased by 1.2% to $94.13 per barrel, according to Reuters.

Priyanka Sachdeva, head of market insights at Phillip ⁠Nova, stated that 'Bullish momentum is building in crude markets as Brent crude approaches the psychologically important $100-per-barrel mark.'