Brent Crude Tops $100 Amid Escalating Middle East Conflict

Why it matters locally: The increase in Brent crude oil prices is likely to lead to higher gasoline prices and increased costs for heating oil, which is a significant energy source for many Maine residents, particularly during the colder months.

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Brent crude oil prices exceeded $100 per barrel on Thursday, November 2, for the first time in five months. The international benchmark for oil climbed more than 5% during trading hours. This price surge occurred as a conflict in the Middle East continued to intensify. The last time Brent crude reached this price point was in May.