Brent Crude Oil prices surge above $100 amid escalating Middle East tensions

Key points

• Brent Crude Oil prices have surpassed $100 per barrel, reaching $101.21, driven by escalating U.S.-Iran tensions and attacks on oil facilities.
• Yemen's Houthi rebels have captured the Bab al-Mandab Strait, a critical maritime chokepoint, raising concerns over global oil supply disruptions.
• Major financial institutions, including HSBC and Goldman Sachs, have increased their long-term oil price forecasts, anticipating a 'new normal' of higher prices due to ongoing geopolitical uncertainties.
• The closure of Saudi Arabia's East-West oil pipeline, following Houthi attacks, has intensified the global energy crisis, with analysts warning of potential price spikes up to $150 per barrel in extreme scenarios.