Brent tops $117 per barrel, highest since April 29 as Iran-related risks push prices up

Brent crude oil climbed past the $117-per-barrel threshold, reaching levels not seen since April 29 as markets reacted to renewed security concerns in the Middle East. Brent was trading at $117.08 per barrel, a rise of 3.45 percent, while U.S. light crude WTI gained 3.79 percent to $103.24 per barrel.

Traders and energy desks said the advance reflected worries about supply risks after Tehran announced it would target oil facilities, submarine cables, data centers and artificial intelligence facilities across the Persian Gulf region if a new U.S.-Israeli offensive against Iran were carried out.

Immediate market impact and volatility

The sharp intraday gains pushed oil benchmarks higher across the board, intensifying volatility on futures markets and lifting broader commodity indices. Investors moved to price in the possibility of supply disruptions from a geopolitically sensitive corridor that already carries a large share of seaborne crude.

Higher crude benchmarks typically translate into upward pressure on refined fuel prices and raise costs for energy-intensive industries. Economies dependent on oil imports could see additional inflationary pressure if prices hold near current levels for an extended period.

Market participants said they would continue to monitor developments in the Persian Gulf and any follow-up statements from Tehran or regional actors that might change the risk outlook for shipping and production.

Photo: press material from the event