US-Iran Tensions Send Brent Oil Soaring Above $100

The price of Brent oil has surged above $100 per barrel for the first time since July due to escalating tensions between the US and Iran. According to Deutsche Bank's Henry Allen, investors are now pricing in a more prolonged period of high oil prices.

Markets had another eventful session with stagflation fears mounting after Brent crude oil moved above $100/bbl for the first time since July. The latest US-Iran strikes were the main catalyst for the oil move, raising doubts about the Strait of Hormuz reopening soon.

The 6-month Brent future has also reached its highest level since early June, with investors pricing in a more protracted period of high oil prices. This comes after a WSJ report that White House advisers had privately raised the prospect with President Trump that the war could continue for the remainder of his term.