Brent crude briefly touched $100.07 a barrel, its highest level since late July, as escalating tensions in the Middle East raised fears of further disruption to global oil supplies.
Highlights
- Brent crude climbed as much as 2.2% to $100.07 a barrel.
- At 1:31 PM, Brent was trading at $99.60, up 1.72%.
- WTI crude rose 1.20% to $94.15 a barrel.
- Brent has gained around 25% since early August.
New Delhi: Brent crude oil prices briefly crossed the $100-a-barrel mark on Wednesday as escalating conflict in the Middle East intensified concerns about disruptions to global energy supplies.
Brent futures climbed as much as 2.2% to touch $100.07 per barrel, crossing the psychologically important $100 level for the first time since July 24. At around 1:31 PM, Brent was trading at $99.60 a barrel, up $1.68, or 1.72%.
US West Texas Intermediate (WTI) crude was trading at $94.15 per barrel, gaining $1.12, or 1.20%.
Middle East tensions push oil higher
The latest rise extends a strong rally in international crude prices. Brent has gained around 25% since early August as investors worry that the prolonged US-Iran conflict could disrupt oil production and transportation across the Middle East.
Fresh attacks by Iran-backed Houthis on Saudi energy facilities have added to supply concerns. The developments have also increased fears about the movement of crude through the Red Sea, an important shipping route for global energy markets.
The Strait of Hormuz remains another major concern. According to Rystad Energy data cited in the report, around 8 million to 9 million barrels per day of crude were moving through the strait before fighting resumed on August 30. More recently, flows have dropped below 2 million barrels per day.
Banks raise oil price forecasts
Expectations of prolonged supply disruptions have prompted major global banks, including Goldman Sachs, Bank of America and HSBC, to raise their crude oil price forecasts.
Meanwhile, higher production from non-OPEC countries such as the United States, Canada and Guyana may not be enough to completely offset supply disruptions elsewhere.
The International Energy Agency expects global oil supply to decline by around 4.3 million barrels per day, or roughly 4%, this year.
Oil prices are therefore being driven not only by the latest attacks but also by broader concerns over the Middle East’s ability to maintain crude shipments to international markets if the conflict continues.
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