Oil Prices Near $100 as Middle East Tensions Raise Supply Fears

Crude oil prices surged more than one percent on Wednesday, pushing toward the $100 per barrel mark. The spike was driven by renewed tensions in the Middle East involving Iran and the United States, which raised concerns about potential disruptions to global oil supply. Global stock markets also struggled amid the uncertainty. The rising oil prices are adding upward pressure on inflation, a concern that comes ahead of key economic data expected later in the week.