Oil prices surged Thursday as the U.S.-Iran war entered its seventh month and fighting sharply intensified.
U.S. West Texas Intermediate crude jumped 4.7% to $100.63 a barrel, while Brent crude climbed 4.4% to $105.61.
The latest spike follows renewed clashes between Washington and Tehran. Iran has attempted attacks on U.S. warships in recent days, while the U.S. military has destroyed eight Iranian tankers since Saturday in retaliation.
Markets are increasingly bracing for a longer conflict. Senior White House advisers have even discussed with President Donald Trump the possibility that the war could extend beyond January 2029, according to The Wall Street Journal.
Goldman Sachs' Daan Struyven warned that escalating attacks on shipping could push oil above $120 a barrel, particularly if transit volumes fall further or energy infrastructure comes under greater threat.
