The price of Brent crude oil rose above $100 per barrel on Thursday for the first time since May, driven by escalating conflict in the Middle East. The increase was more than 5% in a single day, reflecting growing concerns about supply disruptions from the region.
Oil prices have been volatile this year, with Brent crude briefly topping $100 in May before falling back. The latest surge comes as fighting in the Middle East intensifies, raising fears that oil production or transit routes could be affected. Traders are closely watching developments, as the region is a major source of global oil supply.
The rise in oil prices can have wider economic effects, including higher fuel costs for consumers and businesses. Analysts say continued instability could keep prices elevated, but the situation remains uncertain.
As of Thursday's close, Brent crude settled at just above $100, marking a significant jump from previous days. The conflict in the Middle East shows no signs of easing, and markets are bracing for further volatility.