Brent Crude Oil Approaches $100 as US-Iran Tensions Escalate

Crude oil prices have surged recently due to renewed U.S.-Iran attacks around the Strait of Hormuz, which has intensified concerns about Middle East supply disruptions. Brent crude approached $98 a barrel while West Texas Intermediate traded above $92.

The rally extends last week's gains, when Brent rose 7.6% and WTI advanced nearly 10%. Tanker traffic through the Strait of Hormuz has fallen to its lowest level since May as the conflict increasingly affects commercial shipping.

Brent is now trading around $97.50 a barrel, up roughly 1.7% on the session, with the psychological $100 level being the next test. A sustained break above it would reinforce the bullish structure, while failure to clear that area could trigger profit-taking after the rapid September rally.

Goldman Sachs sees a much more severe upside scenario if attacks on Middle East shipping intensify, warning oil could potentially reach $120 a barrel under deeper disruption. The bank also sees prices potentially falling toward $80 if regional exports normalize.