The West Texas Intermediate (WTI) crude oil benchmark rose above $100 per barrel Thursday afternoon, according to market data, the first time since May 2026. Brent crude also crossed $105 per barrel, as the ongoing war with Iran continues to tighten global energy markets.
West Texas Intermediate (WTI) crude passed $100 per barrel on Thursday afternoon for the first time since May 2026, according to market data, while Brent crude held above $105. The new highs extend a rally driven by the ongoing war with Iran and Houthi attacks on Saudi energy infrastructure.
As The Zioneer reported at 15:58 Jerusalem, Brent crude had already crossed $105 per barrel earlier Thursday, driven by Houthi attacks on Saudi energy facilities. The day began with Brent crossing $100 (Channel 12), then climbing to $102, $103, briefly retreating to $100, and surging again to above $105. WTI, which had been above $95 earlier Thursday, has now reached $100 for the first time since May.
The rally is the latest in a series of upward moves since the war with Iran began. Oil prices swung from near $70 in June on peace deal hopes (as The Zioneer reported on Jun 24) to over $80 in July as Strait of Hormuz traffic nearly halted (Jul 14), and surged past $100 in August following President Trump's 'economic D-Day' declaration (Aug 20). The current spike is driven by Houthi attacks on Saudi facilities, compounding the persistent disruption to global energy markets.
It remains unclear whether prices will hold above $100 or continue to climb, as energy markets remain highly sensitive to further military developments, particularly regarding Houthi operations and Iran's response.
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