The price of oil returned to triple digits in US dollars, as conflict in the Middle East threatens supply chains and puts a strain on global reserves.

Brent crude moved closer to $100 as renewed U.S.-Iran tensions and threats to Gulf shipping raised fears of prolonged oil supply disruptions.

Oil prices surge as Brent nears $100 after Saudi energy attacks and Iran-US threats raise fears of supply disruptions through the Strait of Hormuz. | Business News

Brent crude oil futures hit a more than six-week high on Wednesday (Sep 9).