The price of oil rose above $105 per barrel Thursday afternoon, according to Channel 12, marking the first time the benchmark has exceeded that level since May. The milestone extends a rally driven by ongoing Middle East tensions.
The price of oil crossed the $105-per-barrel threshold Thursday afternoon for the first time since May, Channel 12 (N12) reports. The milestone deepens a rally that has intensified over the past 48 hours, driven by persistent Middle East tensions and disruptions to global energy chokepoints.
The new report follows an earlier milestone today: as The Zioneer reported at 16:25 Jerusalem, West Texas Intermediate crude passed $100 per barrel for the first time since May, while Brent crude also rose above $105. The N12 update now indicates the broader oil benchmark has also crossed that mark, extending the picture of a market under sustained geopolitical pressure.
Prior to today's moves, oil prices had already staged a significant climb this week. On Tuesday, Sep 8, The Zioneer reported that Brent crude crossed $100 per barrel in the morning amid escalating Iran-US tensions and Houthi attacks on Saudi energy facilities. Later that day, oil approached $103 per barrel before retreating toward $100. The upward trend has been ongoing for months: The Zioneer previously reported oil at $85 in early July as the Strait of Hormuz neared a standstill, and at $100 in late July following Houthi strikes on Red Sea shipping. U.S. inflation hit 4.2% in May, driven by a 40.5% surge in gasoline prices, as the energy crisis deepened.
What remains open: The durability of the $105 level is uncertain. Markets remain volatile, and prices could retreat or extend gains depending on further developments in the Iran conflict and Houthi operations. No official statement from OPEC or major producers has been reported in response to the latest spike.
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