Brent Crude Nears $100 as US-Iran Conflict Escalates

The ongoing US-Iran conflict has sent Brent crude prices creeping closer to the $100 per barrel mark, amid fears of supply disruptions in the Middle East. The price of Brent closed last week at $96.28 per barrel, a gain of over 7.6% within the past week, according to Reuters.

The current conflict arose following an exchange of fire between US and Iranian forces near Iranian territorial waters. The US fired three Iranian oil tankers in response to Iran's ballistic missile attack on US Navy ships in the area. Iran has also warned ships not to move freely in the Strait of Hormuz, a crucial transit point for global energy supplies.

The Strait of Hormuz is a key concern as it represents one of the most important points for oil transportation, and markets are watching developments closely. A prolonged disruption could further reduce available supplies and push Brent towards or above $100 per barrel.