Brent crude futures jumped more than 4% in early trading, breaking through the $98 per barrel threshold as markets reacted to reports of successive US military strikes on Iran.
The sharp move reflects a rapid repricing of geopolitical risk, with traders assessing the potential for supply disruptions in one of the world's key energy-producing regions.
The surge marks a significant acceleration from earlier session levels, where Brent had been trading near $85.
The surge marks a significant acceleration from earlier session levels, where Brent had been trading near $85.
The sudden spike underscores the market's sensitivity to direct military engagement involving major oil producers.
WTI crude also climbed in tandem, though the spread between the two benchmarks widened as regional risk premiums intensified.
This development follows a period of heightened tension after the collapse of a ceasefire agreement between the US and Iran.