Global oil prices hit $100 per barrel as Middle East conflict roils markets
Global oil prices have surged past $100 per barrel due to escalating military tensions in the Middle East involving the US, Iran, and Houthi rebels. The conflict has raised concerns about supply chain disruptions in the Strait of Hormuz and increased inflationary pressures.
Why it matters
Rising oil prices directly impact global inflation and consumer costs for fuel and energy products.
Global oil prices are back above $100 per barrel as fighting in the Middle East raises concerns about prolonged disruptions to oil supply. Brent crude, the global oil benchmark, rose 3.36% Wednesday and settled at $101.21 per barrel. It was Brent’s first time hitting $100 per barrel since July and its highest closing level since May 22. US crude oil rose 3.25% and settled at $96.05 per barrel, also its highest closing level since May 22. Brent hit $100 per barrel early Wednesday after a day of conflict and war developments Tuesday that included the US striking Iranian oil tankers and earlier saw the Iran-backed Houthis attack Saudi Arabia. Oil prices have been on a rollercoaster this year, oscillating as traders react to flare-ups in fighting and monitor oil tanker traffic through the Strait of Hormuz.
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