Brent Crude Nears $100 as US-Iran Tensions Escalate

Crude oil prices have surged in recent weeks, driven by renewed tensions between the US and Iran. Brent crude has climbed to around $96-$99 per barrel, its highest level in nearly one and a half months, while US WTI crude has moved above $90 per barrel.

The primary driver behind the rally is fear of disruptions to global oil supplies, particularly through the Strait of Hormuz. Despite actual supply losses remaining limited, traders have built a sizeable geopolitical risk premium into prices.

Resilient demand from major economies and expectations of stable energy consumption are also supporting the market. However, the near-term outlook for crude oil remains firm amid ongoing geopolitical uncertainties.