Brent nears $100 as escalating gulf conflict fuels supply disruption fears

Crude oil prices advanced nearly 2% for a fourth consecutive session as escalating attacks involving Iran, the US and Saudi Arabia intensified concerns over potential disruptions to Gulf oil supplies. Brent crude approached the $100-a-barrel mark, while WTI climbed to around $94.16 a barrel, extending a rally that has lifted Brent more than 20% since early August. The gains accelerated after US forces destroyed five Iranian crude tankers near Kharg Island in retaliation for attempted missile attacks on a US warship, further heightening geopolitical risk premiums. In India, MCX September crude oil futures rose 2.5% to ₹8,953 per barrel. Investors are now turning to key US inflation data due this week for further clues on the Federal Reserve?s policy trajectory ahead of next week?s meeting.

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