Oil price today rose above $100 a barrel as benchmark Brent crude crossed the $100 mark amid a fresh escalation in fighting between U.S. and Iranian forces, Reuters and NBC reported.
Reuters said Brent crude futures topped $100 on Sept. 9 after a wave of U.S.-Iran attacks deepened concerns about supply from the Middle East, pushing international oil benchmarks higher.
NBC reported the move pushed U.S. crude back above the $100 threshold, noting traders were pricing in greater risks to shipping and regional output as strikes and counterstrikes intensified.
Reuters provided intraday price detail, saying Brent briefly traded around $101.32 and that front-month contracts had touched highs near $101.55 before settling higher for the day.
Market reports and analysts cited by Reuters said the shock to supply expectations has left oil on track for its biggest weekly gain in months, with one Reuters piece noting prices were set to finish the week up more than 8%.
The surge has already affected U.S. pump prices, with outlets reporting higher gasoline prices and analysts warning consumers could see increases if the conflict persists. Traders pointed to tighter global stocks and earlier U.S. Energy Information Administration notes that inventories have fallen as factors that compounded the rally.
Financial markets reacted: Reuters reported stocks and bond yields showed volatility as investors weighed the prospect of longer-term supply disruption and higher energy costs.
Sources
- Reuters — reported Brent crude futures breached $100, intraday highs around $101.32–$101.55, and that oil was on course for a weekly gain of more than 8%.
- NBC News — reported U.S. crude trading above $100 and linked the price move to renewed U.S.-Iran fighting and shipping risks.
