Global oil prices climbed above $100 per barrel on Wednesday, reaching their highest level since July as escalating conflict in the Middle East threatens supply chains.
The surge follows reports of U.S.-Iran naval clashes near the Hormuz Strait and Houthi attacks on energy infrastructure, heightening fears of a prolonged disruption in Gulf oil exports.
Market analysts warn that sustained triple-digit oil prices could exacerbate inflationary pressures globally, forcing central banks to reconsider their interest rate trajectories for the remainder of the year.