SKN | Brent Crude Breaks Above $100 as Middle East Supply Risks Intensify
Energy Sector Analysis Brent Crosses a Psychological Threshold Brent crude moved above the $100-a-barrel threshold on Wednesday, reaching $100.19 before easing to $99.93 by 0802 GMT, still up $2.01, or 2.05%. U.S. West Texas Intermediate also advanced, rising $1.49, or 1.60%, to $94.52 a barrel. The move marks Brent’s highest level in more than six weeks and reflects growing concern that the Middle East conflict could increasingly affect the physical supply of crude. The significance of the $100 level extends beyond its psychological importance. After rising roughly a quarter since early last month, oil is becoming an increasingly important variable for inflation expectations, transportation costs and corporate margins. For economies dependent on imported energy, another sustained increase could create additional pressure on consumers […]
