Brent crude rises above $100 a barrel as Middle East conflict escalates
Brent crude oil prices have surpassed $100 per barrel due to escalating conflict in the Middle East and concerns over supply disruptions. Attacks on energy infrastructure and the ongoing US-Iran conflict have significantly tightened global oil markets.
Why it matters
Rising oil prices threaten to increase global inflation and energy costs, potentially slowing economic growth in major importing nations.
Benchmark Brent crude oil futures LCOc1 rose past $100 a barrel on Wednesday, breaching the symbolic barrier for the first time since July 24 as intensifying conflict in the Middle East fuelled growing concern about oil flows from the region.Brent crude futures LCOc1 rose $2.15, or 2.2%, to $100.07 a barrel by 0721 GMT, while US West Texas Intermediate crude CLc1 was up $1.70, or 1.83%, at $94.73 a barrel.
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