Oil prices rise above $100 a barrel for first time since July as Iran war escalates

Oil prices have surged past $100 a barrel for the first time since July, driven by rising tensions in the Middle East following a fresh exchange of fire between the US and Iran in the Gulf region. The escalation comes as Houthi attacks on Saudi cities add to concerns over potential supply disruptions, pushing Brent crude—the global benchmark—higher by over 2%. Markets are reacting to the heightened risk of further instability in a critical oil-producing region. Investors and analysts are closely watching whether the conflict will deepen, with implications for energy costs worldwide.

Brent crude rises by more than 2% after latest fire between US and Iran in Gulf and Houthi attacks on Saudi citiesBusiness live – latest updatesThe price of oil has risen above $100 a barrel for the first time since July as the escalating conflict in the Middle East threatens further disruption to global supplies.Brent crude, the international benchmark for oil prices, rose 2.1% past the milestone after tensions stepped up in the Gulf amid the latest tit-for-tat exchange of fire between the US and Iran. Continue reading...