Oil Prices Hit $102 Amid US‑Iran Conflict

Oil Prices Hit $102 Amid US‑Iran Conflict

Oil prices rose early Thursday as renewed U.S.–Iran military action heightened concerns over Middle‑East energy supply disruptions. West Texas Intermediate (WTI) crude futures increased 1.1% to $97.14 a barrel by 19:39 ET (23:39 GMT), marking the highest level since late July. Brent crude futures settled 3.9% higher at $101.75 a barrel, reaching a four‑month peak.

The price surge followed the latest round of the worst strikes on shipping since the conflict began in February. Iran reported striking ten ships in and around the Strait of Hormuz on Wednesday, while the United States said it had retaliated by sinking five Iranian oil tankers. Flows through the Strait of Hormuz remained at only a fraction of pre‑war volumes, keeping markets on edge about persistent supply disruptions.

In addition, Yemen’s Iran‑backed Houthi group attacked Saudi Arabian energy infrastructure during the week, further amplifying worries about Gulf supply interruptions beyond Hormuz. ANZ analysts noted that the tit‑for‑tat attacks suggest oil flows from the Persian Gulf are likely to stay disrupted for the foreseeable future and that the broadening conflict could deepen supply risks.

U.S. President Donald Trump told reporters that the Iran war would end after the November mid‑term elections, but a Wall Street Journal report indicated his senior advisers warned the conflict could continue through the remainder of his term, with few signs of de‑escalation.