Brent crude hits $100 per barrel mark for first time since July 24

The price of the benchmark Brent Crude has surged to $100 per barrel for some contracts. This is the first time since July 24, 2026, nearly 2 months ago, that Brent has hit this mark.

This surge comes amid a resurgence in the escalation of hostilities between Iran and the US, and also between Iran, its proxies and other key players like Saudi Arabia in West Asia.

Overnight, the US military said that it destroyed five Iranian tankers transporting crude oil in retaliation for attempts to strike a US Navy warship with ballistic missiles.

In retaliation, Tehran launched ballistic missiles at Jordan and issued warnings to vessels in the Persian Gulf. Iran's state television, citing the IRGC, reported that all tanker crews near Kuwaiti and Bahraini ports should "immediately abandon their vessels, whether at anchor or docked, as they will be targeted."

Crude Under Pressure

Crude oil prices have reached their highest level in seven weeks. The oil price has experienced a week-on-week increase of 4%. Additionally, there has been a month-to-month rise of 14%, and a significant year-to-date increase of 64%.

In the meantime, India's crude oil basket has surpassed $100. As India increasingly relies on oil transported through the Strait of Hormuz, amidst the ongoing conflicts affecting West Asian nations, the Brent crude price, which serves as a primary benchmark for North Sea oil, may not fully reflect the situation. Currently, the crude basket for India is priced at over $106 per barrel.

BRENT: $99.70
Oman: $102.67
Murban: $110.77
Mars: $112.80
Dubai: Spot $105, Futures: $98.9

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