New York, Sep 09 (V7N)- Global oil prices have risen for the fourth consecutive day amid escalating tensions in the Middle East, with Brent crude briefly approaching the $100-per-barrel mark.
At 12:01 a.m. GMT, Brent crude futures rose $1.57, or 1.6 percent, to $99.49 per barrel.
Meanwhile, US West Texas Intermediate (WTI) crude increased by $1.60, or 1.72 percent, to $94.63 per barrel.
The latest surge comes as the conflict between Iran and the United States continues to spread across the Middle East. Iran has recently launched fresh attacks targeting US military installations in the Gulf region, raising concerns about possible disruptions to oil supplies and shipping routes.
Particular attention is focused on the Strait of Hormuz, one of the world's most important energy transit routes. Continued military tensions around the waterway have heightened fears of disruptions to global oil supplies.
The market is also being affected by declining prospects for a lasting resolution to the six-month-long US-Iran conflict. Brent crude has risen by around 25 percent since early August.
Analysts warn that continued attacks and counter-attacks could further increase uncertainty over global oil supplies. If the conflict persists, Brent crude could potentially cross the $100-per-barrel threshold in the near future.
END/SMA/AJ
