Brent crude futures breached US$100 a barrel as Middle East tension rises
Benchmark oil prices surpassed the psychological barrier of $100 due to fears over prolonged conflict involving Iran and Saudi Arabia.
Brent crude oil futures climbed above US$100 a barrel on Wednesday, September 9, marking a significant milestone. The price reached US$100.19 earlier in the day before settling at US$99.93 by 8:02 am Singapore time. This represents a rise of US$2.01, or 2.05 percent. Prices have increased by 25 percent since early last month as market participants worry about lasting resolution to the ongoing US-Iran conflict. Since February 28, when the war began, Brent prices peaked at US$126.41 a barrel on April 30. Recent attacks by Iran-backed Houthis on Saudi energy facilities caused fires that threaten additional supply disruptions. These incidents also risk obstructing crude shipments through the Red Sea, a vital alternative to the Strait of Hormuz where oil flows have been limited since late February.
