Global oil prices surged past $100 per barrel on Thursday after Iran launched its broadest assault yet on energy infrastructure and commercial shipping lanes, rattling markets and triggering emergency consultations among OPEC+ member states.
Brent crude climbed 7.4% to $102.60, its highest close since early 2024, as drone and missile strikes targeted two offshore rigs operated by Saudi Aramco and disrupted a key tanker corridor near the Strait of Hormuz — through which nearly 20% of the world’s oil supply flows daily. “The risk premium built into crude is now structural, not speculative,” said one senior analyst at Goldman Sachs. Washington has convened an emergency session of the National Security Council, while the International Energy Agency signaled it may authorize a coordinated release from strategic petroleum reserves.
