Oil hits $100 per barrel as Middle East conflict raises supply fears

OIL prices reached $100 a barrel for the first time since May as renewed fighting in the Middle East heightened concerns over disruptions to global energy supplies, according to a report by the BBC.

Brent crude, the global oil benchmark, rose more than 6% following the renewed military tensions and attacks on oil tankers in the Red Sea.

Markets are also closely watching the Strait of Hormuz, a critical route for global oil shipments. Any disruption could tighten supplies and push prices higher.

Rising oil prices could lead to higher gasoline and diesel costs, while increased transportation expenses may also drive up the prices of goods and services.

The surge adds to inflation concerns worldwide and could make it harder for central banks to cut interest rates as they continue efforts to control rising prices, the BBC reported. (Angel Mae G. Antolijao, UP Cebu Comm Intern)

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