Brent Crude Soars Above $100 as Middle East Conflict Escalates

Oil prices surged to their highest level in months after Iran and the US escalated their conflict with attacks on tankers. Brent crude futures settled at over $100 a barrel for the first time since late May, while U.S. West Texas Intermediate crude rose to its highest level since May 22.

The spike was driven by rising concerns about disruptions to energy supplies from the Middle East. Shipping volumes through the Strait of Hormuz have fallen below pre-war levels, making it a key chokepoint for global oil trade.

Experts warn that the attacks could lead to tighter supplies and higher prices. 'The near-term fundamentals have suddenly turned to much tighter supplies,' said Dennis Kissler, senior vice president of energy trading at BOK Financial.