Brent Crude Tops $100/Barrel for First Time Since July as US-Iran Tanker Strikes Escalate

Brent crude futures rose 2.57% to $100.44/bbl on Wednesday — the first time above $100 since July — after CENTCOM's destruction of five Iranian tankers and Iran's retaliatory missile barrage on Jordan's Al-Azraq Air Base stoked fresh fears of a broader Strait of Hormuz supply disruption. TradingEconomics recorded the price as high as ~$100.76-102/bbl intraday. Goldman Sachs said intensifying shipping attacks were raising the probability of Brent exceeding $120/bbl. The jump extends a week-long climb driven by the tit-for-tat US-Iran strikes and continued Houthi attacks on Saudi energy infrastructure.