US-Iran Conflict Sends Brent Crude Prices Soaring Past $105
Brent crude oil prices surged above $105 per barrel on Thursday, reaching their highest level since May 25, as renewed fighting between the US and Iran intensified concerns over prolonged disruptions to global energy supplies.
The conflict has escalated over the past week, with little indication of an immediate de-escalation. Iranian officials have stated that they will not back down in the face of a US naval blockade, and would escalate attacks if Washington continues striking Iranian territory.
US President Donald Trump has also indicated that the conflict could continue until after the November midterm elections, warning that significant relief in gasoline prices may not come before then.
The sharp decline in Saudi Arabia's oil production has added further momentum to the rally. According to an Opec report published on Thursday, Saudi Arabia produced 6.2 million barrels per day in August, the lowest monthly output recorded since 2026 and 23% below July levels.