$100 Oil: US-Iran Conflict Sparks Global Energy Crisis Fears

Oil prices surged to a six-week high as tensions between the US and Iran intensified, raising concerns about disruptions to crude supplies through the Strait of Hormuz. Brent crude, the global benchmark, was trading around $97 a barrel in the latest market snapshot, while US West Texas Intermediate crude was at about $92.53. Murban crude, the UAE benchmark, was around $106.80.

The recent rally reflects growing concern that the escalating U.S.-Iran conflict could further disrupt oil flows through the Strait of Hormuz, one of the world's most important energy chokepoints. Tanker attacks have deepened supply fears, with data from maritime analytics firm Kpler showing that an average of only about 10 commodity ships a day crossed the Strait of Hormuz over the previous 10 days.

The strait normally handles roughly one-fifth of global oil supplies, making any sustained disruption a major threat to energy markets. Brent has surged nearly 20% in a month and roughly 9% over the past five days, according to market data cited by Al Jazeera.