Brent crude surges past $100 as Middle East turmoil deepens

London: Brent crude futures closed above $100 a barrel — their highest settlement since late May — as Middle East tensions escalated and Iran and the United States exchanged strikes on oil tankers.

Brent rose $3.29, or 3.4 percent, to $101.21 a barrel, while US West Texas Intermediate (WTI) crude gained $3.02, or 3.25 percent, to $96.05.

The rally came amid mounting concerns over energy supplies as shipping activity slowed.

Since the war on Iran began on 28 February 2026, Brent climbed to $126.41 a barrel on 30 April and has held above $100 since 3 September.

The US Energy Information Administration raised its oil price forecasts for this year (2026) and 2027, as global inventories fell amid reduced supplies from the Middle East.