Brent crude oil is trading above the $100-a-barrel threshold, extending a sharp weekly rally that has added more than $10 to the benchmark's price.
The move marks a decisive reversal from earlier in July, when prices had retreated to pre-war lows as shipping routes through the Strait of Hormuz appeared to normalize.
The benchmark has not traded above $100 since May, making this week's surge a significant shift in market sentiment.
The rapid repricing reflects renewed anxiety over Middle East supply risks.
After a brief period of calm in shipping corridors, geopolitical tensions have resurfaced, prompting traders to bid up energy prices.
The benchmark has not traded above $100 since May, making this week's surge a significant shift in market sentiment.
This development underscores the fragility of the recent calm in global energy markets.
The previous retreat to lower levels was driven by the perception that shipping disruptions were easing, but the current rally suggests that underlying geopolitical risks remain potent drivers of price volatility.
Traders are now focused on whether this level can hold as a new floor or if it signals a sustained move higher.