Brent Crude Surges Past $97 Amid Escalating US-Iran Conflict

Oil prices rose strongly in the past week as tensions between the US and Iran escalated. Brent crude, the international benchmark, increased by about 11% over the week to $97.81 per barrel at one point. This was its highest level since mid-June.

The price hike began after renewed US airstrikes on Iranian targets and Tehran's retaliatory actions raised concerns about the security of the Strait of Hormuz, through which around one-fifth of global oil trade passes.

Although prices briefly retreated amid escalating US-Canada trade tensions and expectations of tighter US monetary policy, losses remained limited as continued US military operations against Iran kept geopolitical risk premiums elevated.