Markets are pricing in the likelihood of a protracted conflict in the Middle East.

The price of November Brent oil futures rose by 2.32% in Wednesday's trading, reaching $100.19 per barrel. Brent last traded above the $100 per barrel mark on July 24, 2026.
Oil prices jumped to $100 a barrel after Iranian forces reported striking eight American tankers and two other US vessels in the Persian Gulf.
In addition, the naval forces of the Islamic Revolutionary Guard Corps reported strikes on ten more ships which, it is claimed, with the support of American forces, attempted to pass through the Strait of Hormuz, an area declared by Iran to be closed to vessels and dangerous for navigation.
On Tuesday, Saudi Arabia stated that the operation of several energy facilities in the country was suspended due to attacks. Attacks on facilities in Saudi Arabia intensified fears that oil supplies from the Middle East would remain low for a long time due to Houthi attacks and the war in Iran.
As a result, global oil reserves are shrinking, and fuel prices, including diesel, are rapidly rising. According to Bloomberg, the price of diesel fuel in Europe is approaching $200 per barrel.
Comments