Brent Crude Rallies Above $100 Amid Ongoing Middle East Conflict

Brent crude prices have crossed above $100 per barrel for the second time this year. The move comes amid an ongoing armed conflict in the Middle East, which has disrupted main export routes for crude oil and refined products. According to HSBC, the average Brent price is forecasted to be around $90 in 2026.

The market's physical shock has been slower than expected, with prices rising gradually over time. This gap between the physical disruption and market reaction poses a challenge for industrial buyers trying to assess the situation.

West Texas Intermediate (WTI), the US benchmark, traded around $94.92 per barrel on September 9, up 2.03%. The last close above $100 was on July 23 at $100.69.