Oil Prices Soar Above $100 as US-Iran War Escalates

The oil market has experienced significant volatility this century, driven by various global events and conflicts. One of the most recent developments is the US-Iran war, which began at the end of February and led to a spike in Brent North Sea crude prices above $100 per barrel. This was followed by a peak of $126.41 a barrel in April, with WTI reaching as high as $119.48 a barrel in early March.

Hopes for de-escalation and weaker demand from China contributed to a price decline in June, but the conflict's escalation has since pushed Brent back above $100 per barrel, while WTI sits around $95 a barrel.

The US-Iran war is just one of several events that have driven oil price fluctuations this century. The invasion of Ukraine by Russia in 2022 also led to a surge in prices, with Brent reaching $139.13 a barrel and WTI hitting $130.50 in March of that year.