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

Oil prices have risen to their highest level since May, surpassing $100 per barrel for the first time in weeks. According to Reuters, Brent crude futures rose by $1.05 (1%) to $108.68 per barrel on Friday, September 11, while US West Texas Intermediate (WTI) crude rose by 95 cents (also 1%) to $103.45 per barrel.

The increase comes after a week where oil prices rose by nearly 13%, the sharpest jump since July 17. Analysts point to several factors contributing to the price surge, including the recent Houthi takeover of the Yemeni port of Mocha and ongoing tensions in the Strait of Hormuz.

The conflict has escalated beyond Iran and the strait, with attacks on Saudi Arabia's energy facilities raising concerns about prolonged disruptions. In response, Iran attacked 10 vessels near the strait after the US struck five Iranian oil tankers, with the IRGC stating that it would intensify retaliatory actions if further attacks occur.