Brent Crude Surpasses $100 Amid US-Iran Escalation and Supply Concerns

• Brent crude tops $100 for first time since July.
• US-Iran escalation and tanker strikes fuel supply fears.
• Strait of Hormuz flows disrupted, Saudi facilities attacked.

Brent crude oil prices surpassed $100 a barrel, reaching over $101 for the first time since July, as escalating geopolitical tensions in the Middle East fueled supply concerns. The surge follows reports of the US military destroying five Iranian crude tankers in retaliation for attempted attacks on an American warship. This escalation, part of a conflict that began in February, has heightened worries about energy flow disruptions, particularly through the critical Strait of Hormuz, where oil flows are estimated to be half of pre-war levels. Concurrently, Saudi Arabia reported attacks halting operations at southern energy facilities, further contributing to supply anxieties, alongside a recovery in Chinese oil buying. US benchmark West Texas Intermediate (WTI) futures also rose 1.75% to $94.66 a barrel.