Brent crude tops $105 as US-Iran conflict fuels supply concerns

WTI exceeds $100 per barrel for first time since May as oil prices jump about 4%

Brent crude rose above $105 per barrel on Thursday as the escalating US-Iran conflict heightened concerns over prolonged disruptions to global energy supplies. The international benchmark climbed 4% to $105.24 per barrel, reaching levels last seen in May. The US benchmark West Texas Intermediate (WTI) increased 4.4% to $100.27 per barrel, surpassing the $100 threshold for the first time since May. The gains came as the US-Iran conflict entered its seventh month, with intensifying attacks on shipping raising fears of further disruption to oil flows from the Middle East. Meanwhile, senior White House advisers have privately discussed with US President Donald Trump the possibility that the conflict could continue through the remainder of his term, according to a Wall Street Journal report citing US officials. The report came after Trump said Wednesday that the war would “end immediately” following the Nov. 3 midterm elections. “I think the war will end immediately after the election because they can’t hold out any longer,” Trump told reporters. Rising geopolitical risks have reversed part of the sharp decline recorded in oil markets earlier this year. WTI has recovered the losses registered in early June and July, while Brent is trading well above its early-June levels.