Oil Prices Surge Above $100 Amid Ongoing Iran Conflict

Oil prices have risen further above $100 as the conflict in Iran continues, marking the third week of hostilities with no signs of de-escalation. Diplomatic efforts are underway to ensure the safe passage of tankers through the crucial Strait of Hormuz.

Following U.S. military strikes on Iranian targets, including Kharg Island, concerns have been raised about potential attacks on energy infrastructure. U.S.

President Donald Trump has urged countries to send warships to maintain open waterways, although specific commitments have not been made. Iran's Foreign Minister Abba Araghchi stated that the country is not interested in talks with Washington under current terms.

The Pentagon estimates that military operations will last approximately six weeks, while the International Energy Agency plans to release strategic oil reserves to cushion the impact of rising prices. As a result, Brent crude prices advanced around three percent, reaching approximately $106.50, while West Texas Intermediate climbed two percent to over $100.