NEW DELHI: Global oil prices surged to the $100-per-barrel mark on Wednesday, September 9, as escalating military tensions in the Middle East raised fresh concerns over disruptions to crude supplies and shipments through key regional waterways. Brent crude briefly climbed to $100.19 a barrel, its highest level since July 24, before easing to around $99.93. U.S. West Texas Intermediate crude also rose to about $94.52 a barrel.

The latest price jump came amid an intensification of the U.S.-Iran conflict and attacks by Iran-backed Houthi forces on Saudi energy facilities. The strikes have increased fears that the conflict could spread further across the region and disrupt oil production and transportation. The Strait of Hormuz, one of the world's most important energy shipping routes, remains a major focus for global markets as oil flows through the waterway have been significantly curtailed.

Brent crude has risen sharply in recent weeks as hopes for a lasting resolution to the conflict have weakened. Analysts are increasingly concerned that prolonged instability could result in a sustained disruption to Middle Eastern oil supplies rather than a temporary price shock. Several major banks have consequently raised their crude oil price forecasts.

The surge in energy prices is also reviving global inflation concerns. Higher crude prices can increase transportation, manufacturing and energy costs, potentially putting additional pressure on consumer prices. Investors are closely watching upcoming U.S. inflation data for indications of how the oil shock could influence the Federal Reserve's interest-rate decisions.

The impact was visible across financial markets, with Asian stocks trading cautiously. Japan's Nikkei declined around 0.2%, while Hong Kong's Hang Seng fell about 0.3%, although South Korea and Taiwan gained on strength in technology and AI-related stocks. The rise in oil prices has added to concerns that prolonged geopolitical tensions could weigh on economic growth while keeping inflation elevated.

The developments are also being closely watched in India, one of the world's major oil-importing economies. Rising crude prices can increase the country's import bill and put pressure on the rupee. The Indian currency had already weakened to around ?94.81 per U.S. dollar as crude prices approached the $100 level.

With tensions continuing across the Middle East, markets will closely monitor developments around the Strait of Hormuz, regional oil infrastructure and global shipping routes. Any further disruption could push crude prices significantly higher and intensify inflationary pressures worldwide.