US-Iran Tensions Send Brent Crude Prices Soaring Past $105

Brent crude oil prices have surpassed $105 per barrel as tensions between the US and Iran escalate, raising concerns over global energy supply disruptions.

The international benchmark climbed 4% to $105.24 per barrel on Thursday, reaching levels not seen since May. The US benchmark West Texas Intermediate (WTI) also increased by 4.4% to $100.27 per barrel, breaking above the $100 threshold for the first time in months.

The conflict between the two nations has been ongoing for seven months, with intensifying attacks on shipping raising fears of further disruption to oil flows from the Middle East.