Business & Finance
Oil prices approach $100 a barrel amid escalating Middle East tensions
International crude benchmarks climbed as Middle East conflict restricted global supplies, according to Associated Press.
The short version
- Brent crude surged 1.4% to $99.30 a barrel, after reaching an overnight high of $99.46.[Associated Press]
- Benchmark U.S. crude gained 1.2% to trade at $94.17 per barrel.[Associated Press]
- Escalating regional conflict in the Middle East has disrupted energy supplies and intensified concerns regarding persistent inflation.[Associated Press]
- Economists project upcoming data will show U.S. inflation slowing slightly to 3.3% from 3.4%.[Associated Press]
Key facts
- Brent crude rose 1.4% to $99.30 a barrel after touching an overnight peak of $99.46.[Associated Press]
- Benchmark U.S. crude rose 1.2% to reach $94.17 per barrel.[Associated Press]
- Intensified fighting in the Middle East is restricting worldwide petroleum shipments and elevating inflation fears.[Associated Press]
- Economists forecast that the upcoming U.S. inflation rate will moderate slightly to 3.3% from 3.4% in July.[Associated Press]
What remains uncertain
- The exact extent of ongoing supply disruptions and their eventual impact on forthcoming inflation readings remain uncertain.[Associated Press]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.
- Brent crude approaches $100 a barrelAssociated Press · Wire: associated-press