Brent crude oil rises above $100 a barrel as Middle East conflict intensifies
Brent crude futures breached $100 a barrel on Wednesday for the first time since late July, as Iran and the U.S. hit tankers in the biggest wave of attacks on shipping since the war began, threatening to worsen the ongoing impairment of energy supplies from the Middle East.
Brent crude oil prices surged above $100 a barrel on Wednesday for the first time since late July, as the Middle East conflict intensified. The U.S. and Iran resumed strikes on tankers in the Strait of Hormuz, threatening to further disrupt Middle East energy supplies. Brent crude futures climbed $3.40, or 3.5%, to $101.32 a barrel, while U.S. West Texas Intermediate crude rose $3.45, or 3.7%, to $96.48 a barrel.
This marks the highest daily percentage gains since September 1. The attacks have raised concerns about supply risks, with shipping volumes through the Hormuz Strait falling below pre-war levels. Experts warn that these attacks could lead to tighter supplies and higher fuel prices, with refined fuels like gasoline and diesel already trading above $100 a barrel.
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Also reported by 5 other outlets
- Brent crude oil rises above $100 a barrel as Middle East conflict intensifies al-monitor.com
- US considers reducing military presence in Middle East dailytimes.com.pk
- Oil prices surge toward $100 as Middle East escalation heightens supply fears 3news.com
- Canadian pump prices creep higher as Middle East fighting escalates cbc.ca
- Brent crude reaches $100 as war in Iran intensifies marketwatch.com
