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Brent Crude Hits 100 Dollars Amid Middle East Conflict

Global oil prices reached 100 dollars per barrel as Middle East conflict concerns mounted. Alternative supply routes and weaker demand helped temper the price rally.

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FILE PHOTO: Drone view of oil tanker HELGA berthed at one of Iraq's southern offshore oil terminals near Basra as it prepares to load crude oil, becoming the second vessel to arrive since the closure of the Strait of Hormuz, April 24, 2026. REUTERS/Mohammed Aty/File Photo

Brent Crude Oil hit $100 per barrel on Wednesday for the first time since late July, driven by escalating conflict in the Middle East. The price rally has been relatively gradual despite fears of severe disruptions to global oil shipments from Singapore to the West.