Oil prices have surpassed the $100-per barrel mark for the first time since 2022 amid growing concerns over disruptions to global energy supplies and escalating tensions in the Middle East due to the Iran war.

Brent crude futures surged above $100 per barrel, while US West Texas Intermediate (WTI) crude blew past the same threshold, driven by rising risks surrounding energy supplies.

The latest surge in prices comes amid escalating military tensions in the Middle East, particularly the growing confrontations between the US, Israel and Iran, as well as attacks by the Iranian military targeting energy facilities and US interests in the region.

Energy market analysts say concerns about potential disruptions to oil supplies from the Arabian Gulf, one of the world’s most critical energy corridors, have played a key role in pushing prices to higher levels.

Markets have also been alarmed by the possibility of disruptions in the Strait of Hormuz, through which roughly 15 million barrels of crude, or about 20% of the world’s oil, typically are shipped every day, adding further upward pressure on prices. (AA)