Oil Prices Surge Past $100 Amid Escalating Middle East Tensions

The price of oil has surpassed $100 a barrel for the first time since July amid escalating tensions in the Middle East. The increase comes after the US and Iran exchanged fire, with Tehran attempting to strike a US navy warship with ballistic missiles.

Brent crude, the international benchmark for oil prices, rose 2.1% past the milestone on Wednesday. This marks the third time this year that Brent has broken above $100, according to data from AOL.co.uk.

The UK and mainland Europe gas prices also soared on Wednesday, with the benchmark Dutch gas contract rising by almost 4% to €78.73 per megawatt hour, the highest since January 2023.