Escalating US-Iran conflict and Houthi attacks push Brent crude to its highest level since May, lifting Fed rate expectations.
Brent crude surged above $100 a barrel for the first time since May, driven by escalating US-Iran tensions and Houthi attacks on Red Sea shipping. Asia trading saw prices climb to $101.04 as of 7:15am SGT, reflecting heightened geopolitical risks.
The rally follows a 7% jump to $100.69 on Thursday, with WTI rising 6.2% to $92.19. Both benchmarks posted weekly gains of over 12%, fueled by fears of further Middle East conflict disrupting oil supplies.
Market concerns now center on potential Fed rate hikes, as rising energy costs stoke inflation expectations. Near-term risks remain tied to further escalation in the region.