Oil rises above US$100 a barrel as Middle East war and Hormuz disruption hit supply

Oil prices climbed above US$100 a barrel on Sunday in futures trading, reaching their highest levels since 2022 as the war in the Middle East, the effective closure of the Strait of Hormuz and fresh production cuts among Gulf producers tightened supply expectations. Reuters reported Brent rose as high as US$111.04 a barrel while West Texas Intermediate (WTI) touched US$111.24 in early trading. AP later put Brent at US$107.97 and WTI at US$106.22, both more than 16% above the previous close.