Brent crude tops $100 as US-Iran war fuels supply fears
12:02, 01/10/2026, ThursdayU: Update: 12:31, 01/10/2026, Thursday
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File PhotoInternational benchmark Brent crude surged above $100 per barrel on Thursday as uncertainty over Washington-Tehran negotiations clouded prospects for stable Middle East energy supplies, with investors weighing tentative signs of regional crude recovery against the risk of prolonged disruption to the strategic Strait of Hormuz.
Brent crude futures gained 2.4% to $100.35 per barrel at 0830GMT on Thursday, reversing earlier losses as markets priced in the fragility of US-Iran talks aimed at ending the war that has disrupted Middle East energy flows, according to Anadolu Agency.
US benchmark West Texas Intermediate rose 2.45% to $92.62 during the same session. Investors balanced indications of improving regional shipments against fears that the recovery could stall without a durable agreement to halt the conflict.
Tehran sets conditions for ending hostilities
The Strait of Hormuz — the chokepoint for global oil traffic — has remained central to diplomatic calculations since hostilities began. Iranian government spokesperson Fatemeh Mohajerani said on Wednesday that authorities in Tehran had received Washington's reply to a fresh proposal delivered via Qatari mediation. Tehran's stated conditions for any deal include ending hostilities on all fronts including Lebanon, lifting the US naval blockade and releasing frozen Iranian assets.
OPEC+ holds output steady
Seven OPEC+ producers held October output targets steady at September levels, signaling the priority of supply policy alongside diplomatic developments. The decision to maintain production comes as the alliance weighs volatile prices against the uncertain timeline for resolving the conflict that has threatened regional energy infrastructure.