Brent Crude Surpasses $102 Amid Escalating Tensions Between Iran and the U.S.

Huo Xing Finance reports that on September 10, Brent crude oil prices surpassed $102 per barrel, reigniting market concerns over the prolonged escalation of U.S.-Iran tensions. Bloomberg reported that senior Iranian officials stated that, in the face of continued U.S. attacks on Iranian territory, Iran has no intention of backing down and is prepared to further escalate its countermeasures. U.S. President Trump stated that the conflict may persist until after the November midterm elections, and that gasoline prices are unlikely to decline significantly in the short term, further diminishing market expectations for an imminent de-escalation. Brent crude has risen nearly 70% this year, with its physical benchmark price briefly reaching $114 on Wednesday. Meanwhile, U.S. diesel prices are nearing $6 per gallon, while gasoline and diesel prices in Europe continue to climb, intensifying energy-related inflationary pressures. Market participants note that if the conflict further disrupts oil shipments through the Strait of Hormuz, oil prices could continue to rise. The U.S. is currently imposing maritime blockades to curb Iran’s oil exports, and White House advisors have already discussed scenarios in which the war could last until the end of Trump’s term. Additionally, increased crude oil procurement by Asian nations is further tightening global supply, though high oil prices may also compel some refineries to reduce processing volumes. U.S. diesel inventories are expected to fall to their lowest levels in over two decades this month.