Brent crude prices crossed the $100 per barrel mark for the first time in more than three months. On Wednesday, the crude briefly traded at $100.19 per barrel, a level not reached since late May.
The rise in oil prices was driven by the worsening conflict in the Strait of Hormuz region, one of the world's most strategic oil routes. The geopolitical tension in the area caused markets to react with upward movement.
The Strait of Hormuz is a crucial shipping lane for worldwide oil transportation, which makes any conflict development in the region particularly sensitive for global energy markets.
