Global crude oil price hits above $100

Brent crude oil prices climbed above $100 a barrel on Thursday (September 10) as escalating tensions in the Middle East, attacks on commercial shipping and growing fears of supply disruptions rattled global oil markets.

Brent, the global benchmark, rose 0.1 per cent to $101.34 a barrel, while US benchmark West Texas Intermediate (WTI) gained 0.5 per cent to $96.55.

Concerns over Middle Eastern supply have also begun to weigh on global inventories, prompting the US Energy Information Administration (EIA) to raise its oil price forecasts for this year and next.

The EIA now expects Brent to average around $91 a barrel this year, about 5 per cent higher than its previous forecast. It also raised its forecast for average WTI prices to $84.65 a barrel, also about 5 per cent above its earlier estimate.

The EIA report, however, was finalised on September 3, before the latest escalation in Middle East tensions, meaning its projections may not fully reflect the newest supply risks.