Global oil prices have climbed above $100 per barrel for the first time since July as escalating fighting in the Middle East raises fears of prolonged disruptions to crude supplies.
Brent crude, the global benchmark, rose about 2.2% to $100.07 per barrel early Wednesday, while U.S. West Texas Intermediate gained 1.8% to $94.73.
The latest increase follows a fresh escalation in the conflict, including U.S. strikes on five Iranian oil tankers and attacks by Iran-backed Houthi fighters on energy facilities in Saudi Arabia.
The Houthi attacks hit several locations in southern Saudi Arabia, with energy infrastructure among the targets, raising concerns that the conflict could spread further across the region and disrupt global oil flows.
Oil markets are also closely watching developments around the Strait of Hormuz, a key route for global crude shipments, as tensions between the United States and Iran continue.
Brent prices have risen by about a quarter since early August as hopes for a lasting resolution to the conflict fade and traders assess the risk of further supply disruptions.
The surge could put further pressure on fuel and other petroleum product prices globally, while increasing inflation risks for consumers and complicating decisions for central banks.
For oil-producing countries such as Nigeria, sustained higher crude prices could boost export earnings, although the wider impact will depend on production levels, domestic fuel costs and developments in the global energy market.
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