Brent crude rises above $100 a barrel as Middle East conflict escalates

Brent crude oil futures rose above $100 a barrel on Wednesday, reaching $100.07, a 2.2% increase, or $2.15, from the previous day, according to Al-Monitor. US West Texas Intermediate crude also saw a rise, up 1.83%, or $1.70, to $94.73 a barrel.

The price surge is attributed to the escalating conflict in the Middle East, with renewed attacks across the region heightening worries about supply disruptions, as reported by Adom Online. Iranian-backed Houthis in Yemen launched strikes on several Saudi cities, while US forces hit multiple Iranian oil tankers, and Iran targeted a US base in Jordan, Daily Post Nigeria reported.

Brent crude prices have jumped by a quarter since early August, with some sources citing early last month or early August as the starting point for the 25% increase. According to ING analysts, as quoted by Adom Online, the market is likely to continue pricing in a sizeable risk premium due to the ongoing conflict.

Brief written by urgent.news from Al-Monitor, Adom Online, Daily Post Nigeria, Daily Times, Winnipeg Free Press — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.