Oil Prices Soar Near $100 as Middle East Tensions Escalate

Oil prices have reached their highest level since late June as Middle East tensions escalate. Brent crude futures climbed $1.57, or around 1.6%, to $99.49 a barrel, while US West Texas Intermediate crude rose $1.60 to $94.63 a barrel.

The recent conflict between Iran-backed Houthis in Yemen and Saudi Arabia has raised concerns over disruptions to oil shipments through the Middle East, particularly the Strait of Hormuz.

Investors are closely watching upcoming US inflation data for clues about the Federal Reserve's interest-rate policy. Markets are currently pricing in roughly even chances of a quarter-point rate hike or a hold at next week's policy meeting.