Oil back at $100 signals growing market war worries

Australian motorists and businesses face higher costs after Brent crude oil broke back above a key level a barrel overnight.

The price of oil returned to triple digits in US dollars, as conflict in the Middle East threatens supply chains and puts a strain on global reserves.

The price of oil surpassed $100 a barrel for the first time since July after attacks on oil facilities and ships in the Middle East threatened an already weakened supply chain.

The cost of crude has risen 40 percent since the start of the war in Iran, pushing up the price of gasoline, diesel and other refined fuels.

Oil prices hit $100 per barrel for the first time since July on Wednesday morning as new strikes in the Middle East sparked fresh concerns for global oil supplies. Brent crude – the international benchmark for oil prices – jumped more than two per cent, hitting $100 per barrel…

There is mounting concern over the impact of intensifying hostilities in the Middle East on the global economy, as oil prices top $100 a barrel again.

There is mounting concern over the impact of intensifying hostilities in the Middle East on the global economy, as oil prices topped $100 a barrel again.

Oil nears $100 as fresh Middle East strikes raise supply risks