Brent tops $103 as Iran tensions push oil higher

Two weeks into the Middle East war, international oil prices rose for a third straight trading session. Brent crude for May delivery settled at $103.14 per barrel, up 2.7% from the previous day.

Brent finished above $100 a barrel for two consecutive sessions, the highest closing level since late July 2022. The rise underscores persistent supply concerns tied to the conflict and regional tensions.

For the week, Brent price gains totaled about 11%. Since the start of the US-Iran conflict, prices are up roughly 42%, reflecting how supply fears migrate quickly to broader energy markets.

Iran’s supreme leader, in his first public address since taking office, reiterated a commitment to the ongoing Hormuz Strait blockade and signaled continued resistance. The remarks highlight the risk that key shipping chokepoints will remain under geopolitical strain.

The Hormuz Strait, at the mouth of the Persian Gulf, is a critical route for a substantial portion of the world’s crude shipments. Disruptions or heightened tensions there can quickly influence global oil prices and market sentiment, with spillover effects for energy costs worldwide.

For the United States, higher oil prices can feed into gasoline costs, inflation, and energy-security planning. Markets watch how such shifts interact with U.S. policy on fuel supply resilience, strategic reserves, and diversification of supply chains across the Atlantic and Pacific regions.

This remains a developing story, with oil markets likely to stay volatile as regional dynamics evolve and the conflict’s trajectory influences global demand and risk assessments.