Middle East Tensions Drive Oil Price Surge Above $101 per Barrel
Brent oil surged past $101 a barrel for the first time since July as escalating attacks in the Middle East heightened concerns about disruptions to energy flows. The global crude benchmark settled more than 3% higher, while West Texas Intermediate traded near $96. The session was marked by explosions and emergency alerts across the region.
The conflict has disrupted shipping through the Strait of Hormuz chokepoint, but 'dark' transits have kept prices in check until now. It's unclear how the latest flareup will affect these undetected shipments.
Iran said it was prepared for a more intense war and pledged to intensify strikes against the US. The country targeted two US warships and eight oil tankers in the Persian Gulf, according to Iranian media.