Oil Prices Top $100 as Middle East Conflict Escalates

Global oil prices have climbed above $100 per barrel for the first time in two months as fighting in the Middle East intensified.

The sharp increase followed an attack by Yemen’s Houthi rebels on Saudi oil tankers in the Red Sea, threatening a key export route for Saudi Arabia’s crude oil. The latest escalation has fueled fears of disruptions to global oil shipments through the Red Sea and nearby strategic waterways.

Meanwhile, U.S. President Donald Trump indicated that a ceasefire with Iran is not imminent, saying Tehran “needs more of the same” after several consecutive days of U.S. airstrikes.

The conflict has continued to spread across the region. Iranian drone attacks were reported in Kuwait, while Jordan also said it came under attack. Iranian state media reported that U.S. airstrikes near the Iraq-Iran border killed two people.

The widening conflict has also rattled financial markets. Brent crude, the international benchmark for oil prices, closed at $100.69 per barrel, up about seven percent, while U.S. benchmark West Texas Intermediate settled at $92.19 per barrel.

Rising oil prices have pushed the average price of gasoline in the United States above $4 per gallon and renewed concerns that higher fuel costs could drive inflation around the world.

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