Oil: Brent Holds Above $100 as Iran Conflict Enters Third Week

Brent crude prices remain above $100 a barrel as the conflict between the US, Israel, and Iran enters its third week. Concerns about disruptions to the global energy supply are rising.

Brent crude futures traded at $101.15 a barrel, while West Texas Intermediate (WTI) crude moved to $95.87. Oil prices are recording their second consecutive week of strong gains.

The war in the Middle East has raised concerns about potential disruptions to navigation in the Strait of Hormuz. According to an Axios report, the US President reportedly said that Iran is "close to surrender," while the country's new supreme leader, Mojtaba Khamenei, responded that Tehran will continue to fight.

Iranian military command spokesman Ebrahim Zolfaghari warned that prices could reach $200 a barrel if regional security continues to deteriorate. The International Energy Agency (IEA) has agreed to release 400 million barrels from strategic reserves.

Barclays analysts note that investors are increasingly concerned as they had initially priced in a short conflict. EnQuest CEO Amjad Bseisu said the oil market is facing an unprecedented crisis.