Brent crude rises above $100 a barrel as Middle East conflict intensifies

FUELS, PHYSICAL ​CRUDE OIL ALREADY ABOVE $100 In the physical crude oil ⁠market, the dated Brent oil benchmark, against which roughly two-thirds of supply is priced, has been above $100 per barrel since September 3, according to LSEG data."Houthi attacks on Saudi energy facilities have widened the threat further, raising concerns that ​disruption could spread beyond Iranian supply to the infrastructure and alternative routes that have helped keep Gulf crude flowing," said Daniela Hathorn, senior market analyst at The attacks threaten crude shipments via the Red Sea, which has been a key alternative route to the Strait of Hormuz.

Meanwhile, consumers have been paying the equivalent of more than $100 a barrel for their oil in the form of refined fuels such as gasoline and diesel for ​most of this year, as conflicts ⁠created a global refining crunch which sent fuel prices soaring even relative to crude.