Brent crude oil prices climbed above $100 a barrel on Wednesday, reaching their highest level in more than six weeks.

The benchmark briefly touched $100.19. It marked the first time Brent had crossed the symbolic level since July 24.

Brent futures later traded around $99.93, up $2.01, or 2.05%. US West Texas Intermediate crude also gained $1.49, or 1.60%, to $94.52 a barrel.

The rise reflects growing concerns over oil supplies as the Middle East conflict intensifies.

Brent Oil Price Rises on Supply Concerns

Brent crude prices have gained about a quarter since early August.

The increase comes as hopes for a lasting resolution to the six-month-old US-Iran conflict continue to fade.

Since the conflict began on February 28, Brent has climbed sharply. It reached a high of $126.41 a barrel on April 30.

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Recent attacks have added further pressure to the market.

Iran-backed Houthis targeted Saudi energy facilities this week. The attacks reportedly set oil installations on fire and raised concerns about further disruption.

Red Sea and Hormuz Routes Face New Risks

The attacks could also affect crude shipments through the Red Sea.

The route has served as an alternative to the Strait of Hormuz. However, oil flows through Hormuz have fallen sharply since the conflict began.

Hamad Hussain, senior climate and commodities economist at Capital Economics, said traders appear to be preparing for a longer conflict.

He also warned that further military escalation could disrupt oil flows from the region.

One major concern involves oil tankers operating around the Gulf of Oman.

Hussain said reduced ship-to-ship transfers could limit the amount of oil reaching global markets. Those transfers have helped maintain supplies and contain price increases.

Banks Raise Their Oil Price Forecasts

Several major banks have increased their crude oil price forecasts.

Goldman Sachs, Bank of America and HSBC are among the financial institutions that have raised their projections in recent days.

Oil flows through the Strait of Hormuz have also changed significantly.

According to Rystad Energy Chief Economist Claudio Galimberti, around 8 million to 9 million barrels per day moved through Hormuz in the week before fighting resumed on August 30.

That figure was roughly double the previous week’s level.

More recently, however, flows have fallen below 2 million barrels per day.

Market Sees a Growing Security Premium

Jeffrey Currie, co-chairman at Abaxx Markets, said investors may be treating the latest energy price increase as temporary.

He argued that the market faces a more structural risk.

Currie described the increase as part of a broader “security premium” linked to regional instability.

He expects that premium to grow if the conflict continues.

Global Supply Offers Limited Relief

Some non-OPEC producers have increased output.

The United States, Canada and Guyana are among the producers raising supply.

However, the International Energy Agency expects global oil supply to fall this year.

The agency projected a decline of about 4.3 million barrels per day, or roughly 4%.

That outlook adds to concerns about a tighter global market.

For now, traders are closely watching developments around the Strait of Hormuz, the Gulf of Oman and the Red Sea.

Further attacks on energy infrastructure or shipping could push oil prices higher and increase pressure on global fuel markets.