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Brent crude rises above $100 as Mideast conflict escalates

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:: Tony Munroe, Asia Commodities and Energy Editor

"Benchmark Brent crude oil futures have risen above the psychologically significant $100 per barrel level for the first time since late July. This comes as intensifying conflict in the Middle East fuels growing market concerns about oil flows from the region."

"Brent crude prices have risen by about a quarter over the past month as hopes fade for a permanent resolution to this six-month-old US-Iran crisis."

"This week, attacks by Iran-backed Houthis on Saudi energy infrastructure set facilities ablaze, threatening significant expansion of the conflict."

"Houthi attacks could also imperil oil shipping via the Red Sea, which has been a key alternative outlet to the Strait of Hormuz, where oil shipments have been severely curtailed since the start of the war in late February. In recent days, we've also seen that shipments via Hormuz have also declined."

"Houthi attacks could also imperil oil shipments through the Red Sea, which has been a key alternative route to the Strait of Hormuz for exporting oil from the Middle East. In recent days, we've also seen some investment banks increasing their oil price forecasts."

"While non-OPEC producers, including the United States, have increased their oil output, the International Energy Agency said last month that it expects global oil production to decline about 4% this year."

Posted by: Alma Angeles/NET25 News