Brent crude oil crosses $100: US-Iran tensions, blocked supply route push prices higher

Brent crude oil prices surpassed $100 per barrel amid escalating US-Iran tensions and disruptions to key supply routes in the Middle East. The price surge is being driven by supply disruption risks, particularly from potential Iranian retaliation affecting Strait of Hormuz traffic, a critical chokepoint for global oil exports. This has tightened the perceived availability of crude, especially impacting Brent due to its exposure to North Sea and Mediterranean supply dynamics. Energy equities and oil-linked currencies are seeing upward pressure, while refining margins may come under strain if elevated prices persist. Traders are focusing on the next OPEC+ meeting and any further naval incidents in the Red Sea or Persian Gulf as near-term catalysts for price direction.

Crude oil (WTI/Brent) reacts in real time to OPEC+ production decisions, EIA weekly inventory reports, geopolitical supply disruptions (Middle East, Russia, Venezuela) and US Strategic Petroleum Reserve announcements. A 5% intraday move on breaking news is not unusual.

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