“Brent crude tops $100 for first time since July as fighting escalates in Persian Gulf”

What actually happened

Brent crude futures rose 3% to $100.86 a barrel, the first time the benchmark has traded above $100 since July, as fighting between the US and Iran escalated in the Persian Gulf. The US military destroyed five Iranian tankers in retaliation for an attempted attack on an American warship, which evaded the strike with no US casualties. WTI also rose 3% to $95.84.

Key facts

• Brent futures were up 3% at $100.86 a barrel by 8:29 a.m. ET.
• It is the first time the international benchmark has crossed the $100 threshold since July.
• U.S. West Texas Intermediate futures traded 3% higher to $95.84.
• The U.S. military destroyed five Iranian crude oil tankers Tuesday in retaliation for attempted attacks on an American warship. The U.S. warship successfully evaded Iranian attack and no American personnel were harmed, U.S. Central Command said.
• The escalation in the U.S.-Iran conflict, now in its seventh month, is raising the risk of oil prices surging above $120 a barrel as attacks on shipping intensify, said Daan Struyven, co-head of global commodities research at Goldman Sachs.

What to watch for

• Goldman's base case is still for Persian Gulf exports to gradually recover as producers adapt to disruptions, including through alternative shipping routes and eventually additional pipeline capacity, so a headline number above $120 would need to be checked against whether that recovery scenario has actually broken down.
• Watch whether Washington reverts to applying economic pressure on Tehran rather than direct military exchanges, which would be a de-escalation signal the price alone won't show.
• The "seventh month" framing means this is a slow-burn conflict; a single-day 3% pop should be read against that longer arc, not as a standalone shock.