Arab Finance: Brent crude briefly climbed above $100 a barrel on Wednesday, September 9, for the first time since July 24, as escalating conflict in the Middle East fueled concerns over supplies from the region.
The global benchmark touched a six-week high of $100.19 before trading 2.05% higher at $99.93 a barrel by 08:02 GMT. US West Texas Intermediate crude gained 1.60% to $94.52 a barrel.
Prices have risen 25% since early August as expectations for a lasting resolution to the six-month conflict between the US and Iran have weakened. Brent has traded as high as $126.41 since the war began on February 28, reaching that level on April 30.
The escalation could also disrupt crude shipments through the Red Sea, which has served as an alternative to the Strait of Hormuz since oil movements through the crucial waterway were sharply restricted following the start of the war.
