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Commodities

Oil Prices Surge Towards $100 Amid Middle East Tensions

Guavy AI Editorial Team
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Oil
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Oil prices have surged towards $100 per barrel as fears of a prolonged conflict in the Middle East continue to escalate.

The Brent crude oil price has surpassed a 6-week high and is up by 2% on Tuesday, trading above $99, its highest level since July. The WTI price has also risen by more than 2%, exceeding $94.

The conflict in the Middle East, particularly Iran's threats against the US and missile strikes against Saudi sites, is fueling concerns about supply disruptions during the crucial winter months in the Northern hemisphere.

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