Brent Crude Surges Past $100 as US-Iran Tensions Escalate

Brent crude oil prices surged past $100 per barrel on Thursday due to renewed hostilities between the US and Iran, as well as fresh Houthi attacks on shipping in the Red Sea.

The escalation of tensions has reignited fears of prolonged disruptions to global oil supplies, with analysts warning that Brent could exceed $120 if disruptions persist.

The Strait of Hormuz and Bab el-Mandeb Strait, two of the world's most critical energy transit routes, are particularly vulnerable to supply disruptions.

A complete shutdown of traffic through these chokepoints could interrupt exports of nearly 18 million barrels per day of crude and around 5 million barrels per day of petroleum products, according to a report by Choice Institutional Equities.