Oil nears $100 as Middle East war fuels fears of prolonged supply disruptions

Oil prices rose on September 9, driven by intensifying conflict in the Middle East and concerns about prolonged supply disruptions. According to Al-Monitor, benchmark Brent crude oil futures rose past $100 a barrel, breaching the symbolic barrier for the first time since July 24. The price increase was also reported by Sky News, which noted mounting concern over the impact of hostilities in the Middle East on the global economy.

Brent crude prices have risen by a quarter since early last month, as reported by Adom Online, which also stated that prices have jumped by a quarter since early August. The conflict in the Middle East has led to renewed attacks across the region, heightening worries about supply disruptions.

ING analysts noted that recent developments reinforce the view that peace talks are unlikely to restart soon, and the market is likely to continue pricing in a sizeable risk premium.

Brief written by urgent.news from New Voice of Ukraine, The Korea Times, Al-Monitor, Sky News, Adom Online — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.