Brent crude surges past $100 a barrel for first time since May as Middle East conflict escalates
Brent crude surged past $100 a barrel on Wednesday, its highest level since May, as escalating conflict in the Middle East drove one of the sharpest single-day moves in the oil market this year.
The global benchmark rose more than 6 per cent in the session, reflecting mounting concern among traders that the war between the United States and Iran is widening and could further disrupt regional oil supply and shipping routes through the Gulf.
Analysts said the rally combined a genuine supply-risk premium with a broader shift toward safe-haven assets, as investors reassess the odds of a wider regional conflict. The sustained rise above $100 a barrel raises the risk of renewed inflationary pressure at a time when several central banks had signalled confidence that price growth was cooling.
