West Asia Tensions Fuel Four-Day Oil Price Surge
Crude oil prices have seen four consecutive days of increases in global markets due to escalating tensions in West Asia. The price of Brent crude hit $99.49 per barrel at the ICE Exchange's Comex division in London, marking its highest level since June.
The Asian stock market is also feeling the pressure from rising oil prices. Early trading on Wednesday saw Brent crude futures rise by $1.57 to reach this new milestone.
US consumer price data has become a focal point for investors amid concerns that higher oil prices could lead to increased inflation.
Military activities in West Asia have intensified, with Iran-backed Houthis attacking Saudi cities and the US military targeting Iranian oil tankers. In response, Iran has attacked a US military base in Jordan.