Brent crude prices have pushed past $100 per barrel on Monday morning, rising more than 2.6% to $103.88, as traders digested the lack of progress in securing output hike pledges from Saudi Arabia over the weekend.

The Guardian reports that US president Joe Biden’s trip to the Middle East sparked renewed concern about global oil supplies, which momentarily retreated last week as fears grew over a looming global recession that could reduce demand.

It was comments from Saudi Arabia’s foreign minister, Prince Faisal bin Farhan Al Saud, which dashed hopes over an agreement. He said that a US-Arab summit on Saturday did not discuss oil and that the oil cartel group of exporting countries known as OPEC+ would continue to assess market conditions.

It will continue to pile pressure on households, who have been hammered by rising living costs including energy prices, the Guardian reported.

Naeem Aslam, chief market analyst at Avatrade said:

Traders got one clear message from Biden’s recent visit to Saudi Arabia, during which President Biden spoke to a number of Arab leaders.

The message is that it is OPEC+ that makes the oil supply decision, and the cartel isn’t remotely interested in what Biden is trying to achieve. OPEC+ will continue to control oil supply, and one country alone cannot determine the oil supply—at least that is the message that traders have taken from Biden’s visit to Saudi Arabia.

Brent oil prices crossed above the $100 price mark earlier today, and if the price continues to trade above this price mark, then it is highly likely that the path of the least resistance will be skewed to the upside.