Brent Crude Surges Above $100 Amid US-Iran Tensions

Brent crude oil prices have surged above $100 per barrel, reaching $102.5, following a series of attacks between the US and Iran, marking the first time prices have crossed this threshold since July 24, 2026. The escalation began with an Iranian attack on 10 ships near the Strait of Hormuz after the US sank five Iranian oil tankers, representing a significant increase in hostilities since the conflict resumed on August 30.

The rise in prices reflects market concerns over the duration of the conflict and its potential impact on oil supplies. Energy markets are particularly sensitive to disruptions in the Strait of Hormuz, a critical transit route for global crude oil.

According to Rystad Energy's Chief Economist Claudio Galimberti, oil flows through the Strait have drastically decreased from approximately 8-9 million barrels per day to below 2 million barrels per day, highlighting the vulnerability of global oil markets to geopolitical tensions.