The latest feeds show Brent at $110.01, up 1.64% on the session. This move is consistent across multiple sources, all tying the surge to the same structural drivers:
Iran war + Strait of Hormuz disruptions — Reuters and FT both note that tanker traffic, bitumen supply, and regional logistics remain impaired, keeping a persistent war premium in Brent.
No progress in U.S.–Iran negotiations — Reuters reports little movement in peace talks, which keeps the geopolitical bid under Brent.
Ongoing supply-chain strain — SLB (Schlumberger) is passing on higher costs due to Iran-related disruptions, signalling that upstream and service costs are rising globally.
Goldman Sachs warning of $120 Brent if war drags on — This is now looking less hypothetical and more like a live scenario.
The combination of geopolitical risk, physical supply constraints, and tightening product markets is exactly the cocktail that pushes Brent into triple‑digit territory and keeps it there
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