New York —
Global oil prices are back at $100 per barrel, rising to their highest levels since July as fighting in the Middle East raises concerns about prolonged disruptions to oil supply.
Brent crude, the global oil benchmark, rose 2.3% early Wednesday to briefly trade at $100 per barrel for the first time since July, before falling back slightly. US crude oil were up 1.3% to hit $94 per barrel.
Brent hit $100 per barrel after a day of conflict and war developments that included the US striking Iranian oil tankers and earlier saw the Iran-backed Houthis attack Saudi Arabia.
Oil prices have been on a rollercoaster this year, oscillating as traders react to flare-ups in fighting and monitor oil tanker traffic through the Strait of Hormuz.
