Brent Crude Surges Past $102 Amid US-Iran Tensions
Crude oil prices surged on Friday, October 2, 2026, amid heightened tensions between the US and Iran. Brent crude reached $102.30 a barrel, up from Thursday's levels, while Murban crude jumped to $109.40 per barrel.
The sharp price increases were driven by concerns over disruption risks linked to the conflict in the Middle East. The Strait of Hormuz, a critical shipping route, remains a central risk for traders and investors. Crude flows through the strait have recovered to around 13.2 million barrels per day, according to Kpler data.
However, estimates vary sharply by methodology, and refined-product flows remain far below pre-war levels. Traders remain cautious due to ongoing US-Iran negotiations and potential disruptions to regional shipping security.