Oil prices rise above $100 a barrel for first time since July as Iran war escalates

On Wednesday, benchmark Brent crude oil futures rose above $100 a barrel, reaching a more-than-six-week high and breaching the symbolic threshold for the first time since July 24. The price increase, which included a 2% jump, was driven by an escalating conflict involving Iran in the Middle East that heightened concerns regarding regional oil flows.

The price surge was fueled by fears of further disruptions to global energy supplies. Specific threats included Houthi attacks potentially endangering crude shipments through the Red Sea—a crucial alternative route following severe curtailments in the Strait of Hormuz.

The jump in energy costs has subsequently stoked broader economic anxieties, raising fears over potential inflation and higher interest rates globally.