Oil Prices Surge Past $100 as Middle East Tensions Escalate
Oil prices have surged to over $100 per barrel for the first time in nearly four months, fueled by concerns of supply disruptions and escalating tensions in the Middle East. The Brent crude futures rose by $1.05, or 1%, to $108.68 a barrel, while US West Texas Intermediate crude increased by 95 cents, also 1%, to $103.45 a barrel.
The price hike comes as attacks on key shipping routes in the region have intensified, with Iran-aligned Houthis seizing control of Yemen's port of Mocha and restricting traffic through the Strait of Hormuz. This has raised fears of prolonged disruptions to supplies, with analysts warning that WTI crude may retest its high of $119.48 from early March.
US President Donald Trump has also warned of potential action against Iran's Pickaxe Mountain, located near its damaged Natanz uranium enrichment facility, saying the war would end after the November midterm elections.