Brent crude prices surged past $100 a barrel Wednesday for the first time since July 24, as escalating conflict in the Middle East fueled worries about energy-driven inflation and sent global stocks tumbling ahead of several major central bank decisions.
Brent crude futures were up $2.88, or 2.94%, at $100.80 a barrel by 1210 GMT, after earlier touching $100.95. U.S. West Texas Intermediate crude was up $2.57, or 2.76%, at $95.60 a barrel, its highest level since early June.
Since the Iran war began on Feb. 28, Brent has surged as high as $126.41 a barrel, a peak reached on April 30.
"The move toward and back above $100 Brent is reflecting a market that increasingly has to change its view on how long the Middle East crisis will continue to curb supply from the region," said Ole Hansen, head of commodity strategy at Saxo Bank.
This week, attacks by Iran-backed Houthis on Saudi energy facilities set oil installations ablaze, threatening a significant expansion of the conflict.
