Oil Prices Surge Near $100 Amid Middle East Tensions

Escalating tensions in the Middle East have sent oil prices surging, nearing $100 a barrel. The Brent crude futures price for November delivery on London's ICE Futures Exchange rose by $0.92 (0.95%) to $97.92 a barrel, its highest level since July 24.

The spike in oil prices was triggered by concerns over disruptions to crude oil supplies following the Houthi rebels' large-scale retaliatory strikes against Saudi Aramco facilities and an air base. The US Labor Day holiday also contributed to risk-aversion sentiment.

'Oil market participants are now pricing in the possibility of more prolonged maritime shipping disruptions,' said Hamad Hussain, senior economist at research firm Capital Economics.