Iran war drives oil price above $100 a barrel for first time since 2022

Global oil prices have surpassed $100 a barrel for the first time since 2022, reaching $108.10 for Brent crude and $108.72 for WTI crude as of Monday. The surge follows escalating military aggression in the Middle East, specifically the US-Israeli war on Iran, which has disrupted oil supplies and removed 20 million barrels per day from the market. Kuwait's national oil company has already announced precautionary cuts to its crude oil production. Experts attribute the price increase to the ongoing conflict and the US administration's stance, with concerns that continued disruption could lead to further price increases and production shutdowns across Gulf energy exporters. Oil prices have risen by two-thirds since the start of the year.

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