Oil hits $100 a barrel for first time in months as Middle East conflict intensifies again
Global oil prices have surged past $100 per barrel following intensified military conflict between the U.S. and Iran. The spike in energy costs is creating economic pressure ahead of U.S. midterm elections, with experts warning of further potential increases.
Why it matters
Rising energy costs significantly impact global inflation and consumer purchasing power, potentially influencing major political outcomes.
The price of oil breached the $100 threshold Wednesday, as new flare-ups in the United States’ war with Iran stoked fresh concern for global energy markets. Prices did not stop there and continued rising throughout the day. The international benchmark, Brent crude, jumped 3.3% to end the trading session at $101.21 per barrel. U.S. crude oil ended the day higher by 3.2% at $96.05 per barrel. For both critical oil benchmarks, it’s their highest closing levels since May 22. Wednesday’s spike came a day after the U.S. military said it destroyed five Iranian tankers in response to attempted missile attacks on a Navy warship. Tehran responded with attacks on U.S. ships and a base in Jordan, the latest bout of fighting in a conflict that remains unresolved after months of global economic disruption.
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