FX.co ★ Brent Tops $101 as US-Iran Conflict Escalates

Brent crude climbed above $101.50 a barrel on Wednesday for the first time since May, as geopolitical tensions between the US and Iran intensified. US officials said Iran attempted to attack American Navy vessels on Monday, following ballistic missile strikes on a US aircraft carrier over the weekend in a previously undisclosed series of assaults. In parallel, Iranian state media reported that a US missile struck a small oil tanker about four miles off Kharg Island on Tuesday.

The conflict widened this week after Iran‑backed Houthi militants launched attacks on several energy facilities in Saudi Arabia, prompting a temporary suspension of some operations. Those strikes followed US military action on Saturday, when American forces hit three Iranian oil tankers in response to Iran’s ballistic missile attacks on two US Navy warships.

Oil prices were further supported by a drawdown in US inventories, which fell by 0.3 million barrels last week. At the same time, Ukrainian drones targeted infrastructure in Novorossiysk—Russia’s key Black Sea oil terminal—on Wednesday, adding another layer of risk to global supply.