Brent Crude Tops $102 a Barrel for First Time Since July as Middle East Conflict Widens

Brent crude oil futures climbed past $102 a barrel on Wednesday, touching a more than six-week high as escalating conflict in the Middle East raised fresh concerns about regional oil flows. The benchmark rose over 3% to nearly $102, while US West Texas Intermediate crude gained more than 1.5% to trade above $94. Brent has now risen roughly 25% since early last month.

Houthi Attacks Threaten Key Alternative Route

Recent strikes by Iran-backed Houthi forces on Saudi energy facilities have set installations ablaze, raising fears of a broader expansion of the conflict. The attacks also threaten shipping routes through the Red Sea, which has served as a critical workaround as flows through the Strait of Hormuz remain severely restricted since fighting began earlier this year.

Analysts See Prolonged, Structural Price Pressure

Market analysts said prices are increasingly reflecting expectations of a longer conflict, with particular concern over whether the latest attacks disrupt ship-to-ship transfers that have helped sustain global oil supply. Multiple major banks have raised their crude price forecasts in recent days. Some analysts argue the price increase represents a lasting security premium rather than a temporary spike, even as non-OPEC producers ramp up output to help offset an expected decline in global supply this year.