Report: Middle East conflict leads to oil prices staying above $100 per barrel.

With the ongoing Middle East conflict, attacks by Iran on regional facilities, and shipping through the Strait of Hormuz effectively grinding to a halt, crude oil futures prices have broken through $100 per barrel for the first time since 2022. Neil Crosby of Sparta Commodities said in a report that the main bottleneck to watch remains the oil flow through the strait. He said that while a closure for two weeks is ultimately manageable, there could be supply chain issues lasting several weeks afterwards. But if the closure lasts for four weeks or longer, it "means there is basically no reasonable cap on oil and refined product prices in the short term." West Texas Intermediate prices rose 13% to $102.67 per barrel, while Brent crude prices rose 12% to $104.09 per barrel.