Brent crude surpasses $100 per barrel for the first time since July 24

Brent crude futures rose above $100 a barrel on Wednesday, hitting their highest level in more than six weeks and surpassing that threshold for the first time since July 24, as conflict in the Middle East intensified and concerns grew over oil flows from the region.

Brent contracts rose $2.59, or 2.54%, to $100.46 a barrel, while US West Texas Intermediate crude futures climbed $2.07, or 1.93%, to $94.96 a barrel.

Brent has jumped roughly 25% since early August, as hopes for a permanent resolution to the six-month-old war faded amid renewed fighting and escalating geopolitical risks in the region.

Banks, including Goldman Sachs, Bank of America, and HSBC, have raised their crude oil price forecasts in recent days amid rising supply-related risks.

In contrast, oil producers outside the Organization of the Petroleum Exporting Countries (OPEC), including the United States, Canada, and Guyana, have increased their output. However, the International Energy Agency said last month that it expects global oil supplies to decline by about 4.3 million barrels per day this year, or roughly 4%.