Brent crude climbed 3.4% to $101.21 and WTI rose 3.2% to $96.05 as supply concerns intensified amid heightened Middle East hostilities and dwindling global oil stockpiles.
Brent crude settles at its highest since May 22 as U.S.-Iran strikes and Houthi attacks on Saudi oil facilities escalate supply concerns.
WTI rises 3.2% to $96.05 amid Middle East escalation and low inventories, with risk of further gains if conflict persists.
Oil prices surged to their highest levels since May 22 as escalating military strikes between the U.S. and Iran, combined with Houthi attacks on Saudi infrastructure, rattled global markets. Analysts warn that low inventories and persistent geopolitical instability could push crude prices toward $120 per barrel if the conflict remains unresolved.
Prices are rallying due to escalating military conflict between the U.S. and Iran, Houthi attacks on Saudi oil facilities, and concerns over low global oil inventories.