Oil Prices Surge Above $100 a Barrel as Middle East Conflict Escalates The oil market has long been prone to volatility, but the current escalation of hostilities in the Middle East is reigniting fears of a catastrophic disruption to global supplies.
Crude prices have broken above $100 a barrel for the first time in two months, prompting concern about the impact on households and economies worldwide.
At the heart of this crisis lies the Red Sea, where Yemen's Houthi militia has threatened to strangle Saudi oil exports.