Global Oil Prices Surge Toward $100 Amid Middle East Tensions

Oil prices have climbed above $99 per barrel, reaching a three-month high as Houthi attacks on Saudi energy infrastructure and U.S. strikes on Iranian tankers rattle global markets.

European natural gas prices have surged to 75 per MWh, or $25.5 per MMBtu, while China's August crude imports rose 6.2% month-on-month to 8.93 million b/d.

OPEC has maintained its October 2026 production quotas following the completion of a 1.65 million b/d voluntary cut, as regional conflicts limit the group's ability to increase output.