Brent Crude Approaches $102 as West Asia Conflict Escalates
Oil prices continued to rise on Thursday as tensions in West Asia escalated. Brent crude approached $102 per barrel, marking its fifth consecutive day of gains. The price increase comes amid concerns over disruptions along the Strait of Hormuz, a key energy corridor.
The conflict between Iran and the US has now entered its seventh month, with no signs of abatement. Tehran has vowed to continue fighting until it is confident that Washington will be deterred from further attacks. A senior Iranian official stated that the leadership saw no alternative but to keep fighting, despite the economic toll.
US President Donald Trump warned that the war would not end before November's midterm elections, suggesting a prolonged standoff. The conflict has already had a significant impact on global energy supplies, with Brent crude rising nearly 70% this year. It remains below its wartime high of $126 per barrel, struck in April.
The US has imposed a naval blockade on Iran, sharply reducing the country's oil exports. White House advisers have privately warned Trump that the conflict could persist through his presidential term, potentially leading to extended disruption to West Asian energy supplies.