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Brent oil topped $100 a barrel for the first time since July, as attacks between the US and Iran and a recovery in Chinese oil buying propel the global crude benchmark higher.<\/p>\n
Futures rose more than 2% in London on Wednesday. The US military destroyed five Iranian tankers carrying crude in response to attempts to hit a US Navy warship with ballistic missiles overnight, Central Command said. It\u2019s the latest escalation in the conflict, which began in February and has disrupted some flows through the vital Strait of Hormuz.<\/p>\n
Read: Brent oil pushes toward $100 after US attacks Iranian tankers<\/p>\n
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Alongside that, there\u2019s been a pickup in Chinese crude purchases in recent days. A buying hiatus from the world\u2019s largest importer had been one of the key factors keeping a lid on prices in the early part of the conflict, and the resumption has some key market gauges trading at their strongest levels in weeks.<\/p>\n
Read: Brent oil surges near $100 as attacks halt Saudi energy sites<\/p>\n
Brent is up more than 60% this year and is now above $100 for the third period this year. Refined products such as diesel have rallied even harder as the Middle East conflict has broadened to the Red Sea near Saudi Arabia, alongside the Russia-Ukraine war. Together those price increases threaten to bring about a fresh round of inflationary costs for the world\u2019s central bankers.<\/p>\n
Read: Oil gains as US attacks on Iranian ships raise escalation risks<\/p>\n
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\u201cThe path of least resistance is a strong and steady grind higher as the war enters seven months,\u201d said Darrell Fletcher, managing director for commodities at Bannockburn Capital Markets. \u201cThe fundamental picture for products remains bullish with global inventories and reserves deteriorating. In the typical pattern, the US and Iran continue their counterattacks and warnings.\u201d<\/p>\n
Read: Iran, US trade tanker attacks as six-month conflict escalates<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Brent #oil #hits #USIran #war #shows #sign #abating<\/p>\n","protected":false},"excerpt":{"rendered":"
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