Oil Prices Top USD 100 as Middle East Tensions Intensify
Brent crude oil briefly surged above USD 100 per barrel on Thursday, marking the first time the global benchmark has crossed the milestone since May, as escalating conflict in the Middle East raised concerns over global oil supplies.
The price spike follows attacks on two Saudi oil tankers in the Red Sea, adding to fears of further disruptions to shipping routes through key maritime chokepoints, including the Strait of Hormuz and the Bab el-Mandeb Strait.
Analysts say the renewed geopolitical tensions have intensified concerns over crude supply, driving oil prices higher and increasing the risk of inflationary pressures on the global economy.
Brent later eased slightly after briefly trading above the USD 100 mark, but remained at its highest level in nearly two months.
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