U.S.-Iran Conflict Drives Brent Crude to Six-Week High Above $97

The escalating conflict between the United States and Iran has pushed Brent crude prices to a six-week high, exceeding $97 per barrel. The price surge follows the intensification of attacks on tankers and warships in the Middle East, raising concerns over disruptions to oil supply through the Strait of Hormuz.

Iran's hardline rhetoric, including a statement from parliament speaker Mohammad Bagher Ghalibaf warning that Iran will retaliate against U.S. assets if attacked, has contributed to the price increase. The United States struck three Iranian tankers last weekend, and CENTCOM described them as part of a 'multi-billion-dollar shadow network' funding Iran's Islamic Revolutionary Guard Corps.

Goldman Sachs projects oil prices could reach $120 per barrel if attacks on vessels in the Middle East expand further. Analysts warn that declining traffic through the Strait of Hormuz, a critical chokepoint for crude oil transport, is deepening supply concerns. The UAE has announced plans to build alternative export and trade routes to avoid having its energy exports 'held hostage' by the conflict.