US-Iran Conflict Sends WTI Crude Prices Soaring Past $100
WTI crude oil prices broke above $100 a barrel on Thursday for the first time since May 19, while Brent crude extended its rally due to escalating US-Iran conflict concerns.
The price of WTI rose by 4.3% and Brent gained 4% to reach $105.28, as efforts to reach a permanent ceasefire between the US and Iran failed.
Iran's Islamic Revolutionary Guard Corps said it would escalate its response to further attacks on shipping in the Strait of Hormuz, which carried roughly a fifth of global oil supplies before the war.
The physical crude market has remained strong, with dated Brent trading above $100 since September 3. Analysts believe that demand from China, the world's largest crude importer, will play a crucial role in determining the sustainability of Brent's rally.