Brent crude rallied toward $100 per barrel on Wednesday, pressing Asian stock markets lower as escalating Middle East conflicts heightened severe global inflation anxieties and supply chain disruptions.
Brent futures climbed $1.57 to $99.49 a barrel, while U.S. West Texas Intermediate crude gained $1.60 to reach $94.63.
The surge follows widening military hostilities involving U.S. forces and Iranian-backed factions, restricting critical maritime transport channels and driving energy benchmarks to multi-month highs.
Asian equities traded lower as investors adopted risk-off postures ahead of highly anticipated U.S. consumer price index inflation data.
Economists warn that prolonged high oil costs risk unanchoring global price stability and challenging upcoming central bank interest rate cuts.
