Brent crude futures rose above $100 a barrel for the first time since July. The international benchmark jumped more than 3% as military conflict escalated in the Middle East.
U.S. West Texas Intermediate crude climbed to its highest level since early June. Prices reacted to intensified fighting between the U.S. and Iran, including attacks on oil tankers near the Strait of Hormuz.
Iran-backed Houthi forces also attacked energy facilities in Saudi Arabia. These events led traders to price in a higher geopolitical risk premium due to potential supply disruptions.