Brent crude rises 1% after renewed U.S.-Iran strikes, extending a three-month war that has kept prices elevated despite limited economic disruption.
Oil prices remain near $100 per barrel as the U.S.-Iran conflict enters its third month, with blockades in the Gulf sustaining supply concerns. Brent crude climbed over 1% early Thursday following fresh missile strikes between the two nations, reversing a 5% drop on earlier peace deal speculation.
The prolonged conflict has defied initial expectations of a short campaign, though financial markets have absorbed the shock better than physical supply disruptions. Prior to the war, Brent traded around $85, with consensus forecasts predicting stability below $90 amid global demand concerns.
Wall Street futures edged lower in pre-market trading, while Asian shares closed down as Middle East tensions stalled a recent tech-driven rally. The latest escalation underscores persistent geopolitical risks to energy markets.