Global oil prices jumped on Wednesday as benchmark Brent crude futures moved above $100 a barrel. The price reached its highest level in more than six weeks and crossed the $100 mark for the first time since July 24.
Traders pushed the price higher after fresh fighting in the Middle East increased fears about oil supplies from the region. Recent attacks and responses between the United States and Iran, along with strikes by Iran-backed groups on energy facilities, have raised worries that oil shipments could face further delays or cuts.
Brent crude, the main international price guide, rose by around two to three percent during the day and briefly touched levels near $101. United States crude also climbed, though it stayed below the $100 line. Prices have already gained about a quarter since early August as hopes for a quick end to the conflict faded.
The Middle East conflict, which began earlier this year, has already limited oil movement through key waterways such as the Strait of Hormuz. Analysts say the market is now pricing in a longer period of disruption. Higher oil costs could push up fuel prices for cars, trucks and planes, adding pressure on household budgets and business expenses around the world.