The price of North Sea Brent barrel hit $100 for the first time since late July on Wednesday, amid the worsening hostilities in the Middle East. The contract for November delivery briefly reached $100.19. Around 7:45 GMT, the value was slightly down before rising 1.94% to $99.82. The price began rising on Tuesday following a series of attacks by Houthi rebels from Yemen against neighboring Saudi Arabia, a major oil exporting power.
The Houthis, a rebel group from Yemen, are responsible for the attacks that caused the spike. Saudi Arabia, as the main target of the attacks, is one of the world's largest oil exporters, which explains the impact on global commodity prices.
The American equivalent, West Texas Intermediate (WTI), for October delivery, also rose 1.46%, trading at $94.39. Brent prices remain elevated due to geopolitical tensions in the region.
Kathleen Brooks, analyst at XTB, commented that the $100 level represents an important psychological level for markets. According to her, once this level is surpassed, many investors tend to react, which could keep pressure on prices in the short term.
