US-Iran Conflict Sends Brent Crude Prices Soaring Above $100

The escalating conflict between the US and Iran has pushed Brent crude oil prices above $100 per barrel, sparking concerns about global energy supplies. The price of Brent crude eased by 0.63% to $100.10 per barrel at 9:43 am after consecutive US military strikes against Iran.

Stephen Innes, managing partner at SPI Asset Management, noted that the escalation largely rests with Iran now and warned that if Tehran or its Houthi proxies continue attacking ships in the Strait of Hormuz or the Red Sea, the US is likely to retaliate. This could push the conflict into a more dangerous phase.

Innes also highlighted the risk of Iranian forces targeting energy infrastructure in neighboring countries, which could broaden the conflict and deepen existing supply disruptions. He predicted that Brent prices will remain elevated over the next two weeks, potentially reaching $120 per barrel before demand destruction sets in.