$100 Oil Looms as US-Iran Tensions Escalate

Oil prices are nearing the $100 mark as US-Iran tensions persist. Brent crude has already surpassed $99, while WTI crude is trading above $94, its highest level since June.

The current situation is not unprecedented, but this time the concern is that it will be harder to dismiss the rise in oil prices as a geopolitical risk premium.

According to technical analysis, there's room for WTI crude to run between its current price and $100. The July high of $93.50 was a notable resistance point, but moving past that, there isn't much stopping buyers in their tracks.

The main worry is not the short-lived shock of oil prices breaking $100, but how it will eventually translate into higher inflation pressures down the road and become a bigger market story.