Oil Prices Soar Above $105 as Iran Tensions Escalate
Oil prices have surged to above $105 per barrel as tensions between Iran and the US escalate, raising concerns over global supply disruptions.
Brent crude futures rose by $4.05, or 4%, to $105.26 a barrel by 1215 GMT on Thursday, while U.S. West Texas Intermediate (WTI) crude crossed the $100 threshold for the first time since May, advancing $3.99, or 4.15%, to $100.04 a barrel.
The price surge reflects growing expectations that the conflict could continue longer than previously anticipated, with any reduction in oil production or exports further tightening the market and keeping prices elevated.
US President Donald Trump warned that Washington could target Iran's Pickaxe Mountain near the damaged Natanz nuclear facility, indicating that the conflict could continue beyond the November midterm elections.