Muscat: Brent crude futures closed above $100 a barrel - their highest settlement since late May - as Middle East tensions escalated and Iran and the United States exchanged strikes on oil tankers. Brent rose $3.29, or 3.4 percent, to $101.21 a barrel, while US West Texas Intermediate crude gained $3.02, or 3.25 percent, to $96.05. The rally came amid mounting concerns over energy supplies as shipping activity slowed.
According to Oman News Agency, since the war on Iran began on 28 February 2026, Brent climbed to $126.41 a barrel on 30 April and has held above $100 since 3 September. The US Energy Information Administration raised its oil price forecasts for this year (2026) and 2027, as global inventories fell amid reduced supplies from the Middle East.
