Brent crude oil rose above USD100 a barrel on Wednesday for the first time since July as escalating tensions between the United States and Iran fueled concerns over further disruptions to energy supplies from the Middle East.
Brent futures, the benchmark for Europe, gained more than 2% to reach USD100.01 per barrel at around 10:20 a.m. Bulgarian time, according to data cited by CNBC. U.S. light crude for November delivery also advanced, rising 1.75% to USD94.66 a barrel.
Reuters reported earlier that oil prices were climbing for a fourth consecutive session following a new series of attacks in the Middle East. Brent has gained roughly 25% since the beginning of August as hopes for a lasting settlement to the conflict have faded and fighting has intensified.
The latest escalation came after Iran-backed Houthis in Yemen attacked several Saudi cities on Tuesday. The United States also struck several Iranian oil tankers, while Iran responded by targeting a U.S. military base in Jordan.
CNBC later reported, citing U.S. Central Command, that American forces destroyed five Iranian crude oil tankers on Tuesday following an attempted attack on a U.S. warship. The vessel managed to evade the attack and no U.S. service members were injured, according to the statement cited by CNBC.
