Brent crude prices rose above $100 per barrel on Wednesday for the first time since July 24,
amid escalating tensions in the Middle East and growing concerns about oil supplies from the region.
By 07:21 GMT, Brent crude futures had risen by about $2.15, or 2.2%, to $100.07 per barrel.
U.S. West Texas Intermediate (WTI) crude also rose by $1.70, or 1.83%, to $94.73 per barrel.
Tensions Drive Brent Crude Prices Higher
Brent crude prices have risen by about 25% since the beginning of last month,
amid ongoing concerns about the escalation of conflicts in the Middle East and their impact on oil production and exports.
Pressure on the markets increased after Houthi attacks targeted Saudi energy facilities,
which led to fires at oil facilities and raised fears that the escalation could spread to new areas.
Markets are also monitoring oil shipments through the Red Sea, which is a key route for crude oil transport,
especially as flows through the Strait of Hormuz have declined since the outbreak of the war between the United States and Iran.
In light of these developments, several international financial institutions, including Goldman Sachs, Bank of America, and HSBC,
have raised their oil price forecasts, as investors watch the course of the escalation and its implications for global supplies.
