Oil Prices Surge Past $100 per Barrel Amid Escalating Middle East Tensions

Oil prices have surged to over $100 per barrel for the first time in nearly four months, as tensions in the Middle East continue to escalate. Brent crude futures rose by $1.05 to $108.68 a barrel, while US West Texas Intermediate crude increased by 95 cents to $103.45 a barrel.

The increases follow attacks on key shipping routes in the region, including Iran-aligned Houthis seizing control of Yemen's port of Mocha. This has led to fears of prolonged disruptions to supplies and further price hikes.

Analysts warn that the durability of the rally will depend on China, the world's largest crude importer. If China continues to buy, it could amplify the impact of supply disruptions and drive prices higher.