Oil prices climbed toward $100 a barrel after the US launched fresh strikes on Iranian tankers and Houthi militants attacked Saudi energy infrastructure, escalating Middle East tensions. Brent crude rose 2.4% to $99.34, continuing a rally that began in late August following a period of calm after a June US-Iran memorandum. Prices had peaked at $126 in April but fell to $70 in July.

The renewed conflict, including Houthi attacks on Saudi facilities and Iranian threats to shipping, has raised supply concerns, prompting analysts like Eurasia Group to predict prices will exceed $100 due to geopolitical risks and recovering Chinese demand.