Brent nears $100 per barrel as Middle East conflict escalates

Global oil prices advanced for a fourth consecutive session on Wednesday, September 9, propelled by a broadening Middle East conflict and mounting fears of prolonged supply disruptions.

Brent crude futures climbed $1.57 to trade at $99.49 per barrel, reaching their highest level since late June. U.S. West Texas Intermediate (WTI) crude gained $1.60 to settle at $94.63 per barrel.

The rally gained traction after Houthi attacks struck multiple targets across Saudi Arabia, including energy infrastructure. Concurrently, U.S. strikes against Iranian oil tankers and an Iranian retaliatory strike targeting an American base in Jordan intensified supply jitters across international crude markets.

N.Tebrizli