Oil climbs to $105 as Middle East conflict disrupts supply and lifts borrowing costs
AI Market Summary
Escalation in the US-Iran conflict and the effective closure of the Strait of Hormuz are disrupting Gulf energy exports, driving Brent above $100 and pushing oil toward $105 while UK wholesale gas also spikes. The energy shock is reviving inflation concerns, lifting UK bond yields to multi-decade highs and tightening financial conditions. Near-term risk sentiment is pressured as markets reprice supply risk and inflation-linked rates.
Impact level
● High
Affected assets
NCCO1OILBRENT2USD/USDT+2.26%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
▼ Bearish
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Oil and gas prices have surged after the conflict between the US and Iran escalated and the Strait of Hormuz was effectively closed, disrupting global supply and pushing oil to $105 a barrel. Brent crude moved back above $100 a barrel on Wednesday and kept climbing, while natural gas prices also jumped. President Trump said he did not expect the fighting to end until after the US midterm elections in November. Markets have also worried that inflation could accelerate, sending UK bond yields to their highest level in decades.
