US-Iran Conflict Sends Brent Crude Prices Soaring Past $105

Brent crude prices have surpassed $105 per barrel due to escalating US-Iran tensions, which are fueling concerns over prolonged disruptions to global energy supplies.

The international benchmark rose by 4% to reach levels last seen in May. The US benchmark West Texas Intermediate (WTI) also surged, increasing by 4.4% to $100.27 per barrel, surpassing the $100 threshold for the first time since May.

Rising geopolitical risks have reversed part of the sharp decline recorded in oil markets earlier this year. WTI has recovered losses registered in early June and July, while Brent is trading well above its early-June levels.