Brent crude futures have surged past the $100 per barrel threshold, a symbolic level that has not been breached in recent months, driven by escalating geopolitical tensions in the Middle East.
The rally comes as Mohammad Bagher Ghalibaf, Iran’s parliament speaker and chief nuclear negotiator, publicly mocked the United States for facing "exorbitant" oil prices, according to reports from Infomoney.
30, with West Texas Intermediate (WTI) rising above $78, as traders priced in the potential for further disruptions to Iranian exports.
Ghalibaf’s remarks highlight Tehran’s strategy of leveraging energy market volatility to criticize US foreign policy, even as the conflict disrupts global supply chains.
The price spike reflects the market’s continued assessment of shipping risks in the Strait of Hormuz, a critical chokepoint for global oil flows.
Earlier this week, Brent crude had already climbed to $82.30, with West Texas Intermediate (WTI) rising above $78, as traders priced in the potential for further disruptions to Iranian exports.
The jump to $100 signals a sharp repricing of tail risks, with investors wary of any direct military engagement or targeted strikes on infrastructure that could tighten supplies further.