Global oil prices have climbed back to the $100-a-barrel mark as escalating fighting in the Middle East fuels concerns over potential disruptions to energy supplies.
Brent crude rose 2.3%, briefly reaching $100 per barrel, while U.S. West Texas Intermediate (WTI) traded at around $94. Both benchmarks have gained more than 60% since the beginning of the year.
Much of the market anxiety is centered on the Strait of Hormuz, one of the world’s most critical oil-shipping routes. Growing military tensions in the area have increased uncertainty over tanker traffic and the uninterrupted flow of crude to international markets.
The surge in crude prices is also feeding into higher fuel costs, adding further pressure on consumers and raising concerns about inflation across major economies.
Financial markets are also feeling the impact of the escalating conflict, with investors closely watching developments in the Middle East and assessing the potential consequences for global energy supplies.
