New York —
Global oil prices are back above $100 per barrel as fighting in the Middle East raises concerns about prolonged disruptions to oil supply.
Brent crude, the global oil benchmark, rose 3.36% Wednesday and settled at $101.21 per barrel. It was Brent’s first time hitting $100 per barrel since July and its highest closing level since May 22.
US crude oil rose 3.25% and settled at $96.05 per barrel, also its highest closing level since May 22.
Brent hit $100 per barrel early Wednesday after a day of conflict and war developments Tuesday that included the US striking Iranian oil tankers and earlier saw the Iran-backed Houthis attack Saudi Arabia.
