Brent crude futures climbed sharply on Wednesday morning, approaching the $100-a-barrel threshold as geopolitical risk premiums surged.
The benchmark gained nearly 4% in early trading, marking its highest level in more than six weeks and returning to prices seen before the recent US-Iran peace agreement.
The rally was triggered by reports that the United States completed its eleventh consecutive round of military strikes against Iranian targets overnight.
The rapid repricing reflects immediate market anxiety over potential supply disruptions in the Strait of Hormuz, a critical chokepoint for global oil shipments.
Traders are weighing the tangible threat to infrastructure against the backdrop of diplomatic efforts that had previously calmed sentiment.
The move underscores how quickly geopolitical narratives can override fundamental supply-demand balances when military action resumes.