Brent crude futures surged past the $100-a-barrel mark on Thursday, marking the first time the benchmark has traded above that level since May.
The sharp move higher reflects a rapid repricing of geopolitical risk after US President Donald Trump declared the ceasefire with Iran over and threatened further strikes on Iranian infrastructure.
WTI crude also climbed, breaking through $93 a barrel as traders assessed the potential for renewed supply disruptions in the Persian Gulf.
WTI crude also climbed, breaking through $93 a barrel as traders assessed the potential for renewed supply disruptions in the Persian Gulf.
The market reaction underscores the sensitivity of energy prices to geopolitical developments in the region.
With the threat of direct military action against Iranian oil facilities, investors are pricing in a significant supply shock scenario.
The breach of the $100 level for Brent is a critical psychological barrier, often associated with broader macroeconomic implications including inflationary pressures and potential demand destruction.