Brent crude hits a four-year peak at $124.67 per barrel on growing concerns over a potential US-Iran war escalation.

Brent crude surged to $124.67 per barrel, its highest level in four years, as geopolitical tensions between the U.S. and Iran escalated, raising fears of supply disruption in a key global oil-producing region. The price spike reflects a repricing of geopolitical risk and potential supply constraints, with market participants factoring in the possibility of disrupted crude flows through the Strait of Hormuz. This has increased risk premiums across the global oil complex, particularly benefiting Brent due to its direct exposure to Middle Eastern supply dynamics. Energy equities and oil-linked currencies have also strengthened, while safe-haven demand has pressured regional financial assets, especially those tied to Iran. Traders will watch the next EIA inventory report and any official statements from OPEC+ members for signals on whether physical supply can offset escalating tensions.

Brent crude is the international oil benchmark, priced in the North Sea. Unlike WTI it reflects global supply/demand — Middle East geopolitics, OPEC+ cuts, Russian export sanctions, and Asian refinery demand all drive Brent intraday.

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