Oil prices climbs on Wednesday

Oil prices climbed on Wednesday, with Brent crude approaching $100 a barrel for the first time since July, as escalating attacks across the Middle East raised concerns over disruptions to regional oil supplies.

Brent crude futures rose 1.3 per cent to $99.22 a barrel by 0614 GMT, while US West Texas Intermediate (WTI) crude gained 1.2 per cent to $94.13.

Brent has risen around 25 per cent since early August as hopes for a permanent resolution to the six-month-old war faded and fighting intensified.

The conflict escalated on Tuesday after Iranian-backed Houthis in Yemen launched strikes on several Saudi cities. US forces also struck Iranian oil tankers, while Iran targeted a US base in Jordan and attacked ships.

Analysts warned that further attacks on Saudi Arabia could deepen disruptions to Middle East oil supplies, already affected by strikes on energy infrastructure and key shipping routes.

Higher oil prices are also raising inflation concerns, particularly in Asia, where many economies rely heavily on imported energy.

Attribution: Reuters