Brent crude rose above $105 per barrel on Thursday as the escalating US-Iran conflict intensified concerns over prolonged disruptions to global energy supplies. The international benchmark climbed approximately 4% to $105.24 per barrel, reaching levels last seen in May.
US benchmark West Texas Intermediate (WTI) also advanced 4.4% to $100.27 per barrel, surpassing the $100 threshold for the first time since May. The gains came as the conflict entered its seventh month, with intensifying attacks on shipping raising fears of further disruption to oil flows from the Middle East.
The latest rally has reversed part of the sharp decline recorded in oil markets earlier this year. WTI has recovered losses from early June and July, while Brent is trading well above its early-June levels.
The market reaction also follows reports that senior White House advisers have privately discussed with President Donald Trump the possibility that the conflict could continue through the remainder of his term. Trump had previously said the war would end immediately after the Nov. 3 midterm elections.
