LONDON: Brent crude oil prices climbed above $100 a barrel on Wednesday as escalating tensions in the Middle East raised concerns over disruptions to oil supplies from the region.
According to Reuters, Brent crude futures rose $2.15, or 2.2%, to $100.07 a barrel, while U.S. West Texas Intermediate crude reached $94.73 a barrel.
Brent prices crossed the $100 threshold for the first time since July 24, reflecting growing concerns in global markets about the security of oil shipments from the Middle East.
Brent crude has gained about 25% since the beginning of last month, according to the report. The prolonged dispute between the United States and Iran has added to uncertainty in energy markets, with prospects for a lasting resolution appearing limited.
Analysts warned that oil prices could rise further if the conflict expands or major disruptions occur to oil transportation from the region.
The potential supply disruptions have increased pressure on global energy markets, raising concerns about higher fuel costs for consumers and businesses worldwide.
