Oil Prices Surge Past $100 Amid Ongoing Middle East Conflict

Oil prices have reached $100 per barrel for the first time since July amid concerns over oil supplies due to the escalating conflict in the Middle East. The recent attacks on Saudi energy facilities by Iranian-backed Houthi forces threaten oil shipments on the Red Sea, a key alternative route.

Ole Hansen, head of commodity strategy at Saxo Bank, attributed the rise in prices to the market's growing concern over how long the crisis will continue to curb supply from the region. This has led to a significant reduction in oil exports, forcing some countries to tap into their reserves.

The US has reported its lowest oil reserve since 1982, holding 289.7 million barrels. Former President Joe Biden and President Donald Trump have both used the reserve to cushion consumer prices amid the crisis.