WTI Crude Surpasses $100 as US-Iran Conflict Fuels Supply Fears
WTI crude oil prices have surpassed $100 per barrel for the first time since May 19, following the escalation of US-Iran conflict. The price hike was fueled by concerns over further disruptions to global energy supplies.
Brent crude has also risen nearly 30% from its early August lows, trading at $105.28 after Iran and the US launched their largest attacks on shipping since the six-month-old conflict began.
The Strait of Hormuz, a key route for Middle Eastern energy exports, carried roughly a fifth of global oil and gas supplies before the war. However, flows remain far below pre-war levels due to ongoing tensions.
US President Donald Trump has warned that the US could strike Iran's Pickaxe Mountain, adding to expectations that geopolitical tensions will continue supporting oil prices in the near term.