Brent Crude Nears $100 as US-Iran Tensions Escalate

Oil prices surged as US-Iran tensions escalate, with Brent Crude nearing $100 per barrel. The recent round of attacks on Iran has sparked fears of further oil supply disruptions.

The Strait of Hormuz crisis has been ongoing for over 40 days, with Brent Crude rates hitting $100 per barrel last on July 23, 2026. In response to the US bombing of Iran's Larak Island, Iran launched retaliatory strikes targeting US military bases and assets in Jordan and the United Arab Emirates.

US President Donald Trump has threatened to hit Iran hard, claiming the US has 'almost total control' over the Strait of Hormuz. He also stated that Iran's economy is collapsing and asked when the Iranian people will rise up and fight.