Oil Prices Soar Above $100 Amid Iran-US Tensions

Oil prices surged sharply on Thursday, with Brent crude climbing above $100 per barrel for the first time since August 2022, as tensions escalated between Iran and the United States.

Brent crude rose 9.2% to $100.46 per barrel, while West Texas Intermediate (WTI) jumped 9.7% to $95.73 per barrel, marking one of the largest single-day increases in recent months.

Iran has vowed to maintain pressure on the Strait of Hormuz, a key waterway through which roughly a quarter of the world’s seaborne oil and a fifth of liquefied natural gas supplies pass. Iranian security chief Ali Larijani warned, “Starting a war is easy, but it cannot be won with a few tweets. We will not relent until making you regret this grave miscalculation.”

The International Energy Agency (IEA) cautioned that the ongoing Middle East tensions could trigger “the largest supply disruption” in the history of the oil industry. Meanwhile, US President Donald Trump emphasized that defeating Iran’s “evil empire” was a priority, despite the global economic implications of the crisis.

The Strait of Hormuz, which narrows to just 54 kilometers (34 miles) at its tightest point, remains a focal point of the geopolitical standoff, driving global oil markets higher and raising concerns about energy stability worldwide.