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Oil prices climbed above $100 a barrel on Wednesday as escalating military tensions in the Middle East raised fears of further disruptions to global crude supplies.
Brent crude, the international benchmark, settled at $101.21 a barrel, up 3.4%, after earlier reaching $101.55. U.S. West Texas Intermediate (WTI) crude settled at $96.05 a barrel.
The latest surge came amid intensifying hostilities involving the United States and Iran, with attacks on oil tankers and shipping routes around the strategically important Strait of Hormuz.
Iran said it had attacked 10 vessels near the waterway after the United States sank five Iranian oil tankers.
The Strait of Hormuz is a crucial global energy route through which roughly one-fifth of the world’s oil and gas supplies passed before the conflict.
Continued disruption there has heightened concerns over global supplies and pushed traders to price in a greater risk of shortages.
The renewed escalation has also coincided with attacks by Iran-backed Houthi forces on Saudi Arabian energy facilities, adding to concerns about disruptions along another key regional supply route.
Analysts warn that prolonged disruptions could keep oil prices elevated and add to inflationary pressure worldwide, increasing the cost of fuel, transportation, food and other goods.
On Thursday, Brent remained above the $100 mark, trading around $101.34 a barrel, while WTI stood at about $96.55, as markets braced for further supply disruptions.
