Oil Prices Soar Above $102 as Iran-US Conflict Continues

Oil prices continued their ascent on Thursday, with Brent crude futures rising above $102 a barrel. The surge in prices follows the previous day's gains, which pushed Brent above $100 a barrel for the first time since the conflict between the United States and Iran intensified six months ago.

The latest price increase comes as traders worry about further supply disruptions after the two countries launched their largest wave of attacks on shipping since the conflict began. On Wednesday, Iran attacked 10 vessels near the Strait of Hormuz, a key waterway that carries around one-fifth of global oil and gas supplies.

The market is also bracing for potential future attacks as US President Donald Trump warned that the United States could target Iran's 'Peak X' mountain, urging Tehran to be careful. Iran has vowed to escalate its response to any further attacks, which has contributed to the sustained rally in oil prices.