Key facts
- Brent crude oil futures surpassed $100 a barrel on Wednesday.
- The benchmark reached a more than six-week high.
- Intensifying conflict in the Middle East is raising concerns about oil flow.
Oil prices are climbing as fighting between the U.S. and Iranian militaries intensifies, with Brent futures topping the key $100-per-barrel threshold. Benchmark Brent crude oil futures hit a more than six-week high and breached the symbolic threshold for the first time since July 24 as intensifying conflict in the Middle East heightened concerns about oil flow. The commodity price index is nearing an 18-year high amid escalating US-Iran tensions, threatening global inflation.
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