Brent Crude Surges Above $105 per Barrel Amid Middle East Tensions

Oil prices have reached their highest levels in nearly two months due to escalating tensions between the US and Iran, as well as supply disruptions linked to conflicts in Iran and Ukraine.

Benchmark Dated Brent crude, which accounts for over 60% of physical crude oil cargoes worldwide, surged above $105 per barrel on Thursday, reaching $105.70 according to market data.

This is the first time prices have crossed the $100-per-barrel mark since early June and marks their highest level since late May.

The rally has been driven by fears of supply shortages as buyers compete to secure immediate shipments amid growing geopolitical uncertainty, with oil market analyst Tamas Varga stating that supply concerns have once again become the dominant factor influencing global oil markets.