Brent Surges Above $100 as Tensions Between Iran and US Escalate
Oil prices continued their upward trend on Thursday, with Brent crude futures surpassing $100 per barrel for the second consecutive day. The rise in prices comes as a result of ongoing tensions between Iran and the US, which have led to supply disruptions in the Gulf region.
Brent crude futures were up 94 cents, or 0.93%, at $102.15 per barrel by 1011 GMT, while U.S. West Texas Intermediate crude rose $1.45, or 1.51%, to $97.50.
PVM analyst John Evans noted that the recent surge in prices indicates that the conflict between Iran and the US will last longer than anticipated, with diminishing oil supply and exports contributing to elevated prices.
US President Donald Trump warned that the US may hit Iran's Pickaxe Mountain, urging Tehran to be cautious, and stated that the war will likely last beyond the November midterm elections.