Brent Crude Tops $100 per Barrel Amid Escalating Tensions
The price of Brent Crude oil has surged past $100 per barrel for the first time since July 24, 2026. This increase comes amid escalating tensions between Iran and the US, as well as between Iran and Saudi Arabia.
Overnight, the US military destroyed five Iranian tankers transporting crude oil in retaliation for attempted missile strikes on a US Navy warship. In response, Tehran launched ballistic missiles at Jordan and issued warnings to vessels in the Persian Gulf.
The price of Brent Crude has seen significant increases over the past few weeks, with a 4% week-on-week rise and a 14% month-over-month increase. The year-to-date rise is even more substantial, reaching 64%. India's crude oil basket has surpassed $100 per barrel, currently priced at over $106.
The ongoing conflicts in West Asia are affecting the global oil market, with prices expected to remain volatile in the coming weeks.