Crude Oil Prices Jump as Gulf Shipping Attacks Push Brent Near $100

Crude oil prices surged Thursday as fresh attacks on Gulf shipping and deepening concerns over flows through the Strait of Hormuz sent traders back into the market after a volatile start to the week.

Brent crude climbed to about $98.45 a barrel after briefly crossing $100, while West Texas Intermediate rose to roughly $93.23. The move put both benchmarks sharply higher again after a brief pullback earlier in the week and underscored how quickly geopolitical risk is overwhelming the usual near-term signals from inventories and demand data.

Why Oil Is Rising Again

The latest jump is tied directly to fears that the conflict around the Gulf could keep disrupting one of the world’s most important energy corridors.

The Strait of Hormuz handles a major share of global crude and fuel shipments, so even partial interruptions can ripple across the entire market. The renewed attacks on vessels and energy infrastructure have revived concerns that tanker traffic could remain constrained longer than traders had hoped just 48 hours ago.

That shift in expectations matters. Oil had fallen earlier this week when de-escalation seemed possible. Thursday’s rebound shows the market has swung back toward pricing in a longer and more severe supply shock.

Brent Near $100 Brings A New Threshold Into Focus

The return toward triple-digit Brent carries both market and political significance.

For traders, $100 is not just a round number. It is a level that tends to intensify volatility, pull in momentum buying and sharpen attention on the next possible moves in the futures curve. For consumers and policymakers, it raises the risk of another wave of inflation pressure, especially if refined products such as gasoline and diesel follow crude higher.

Brent did move above $100 intraday before easing slightly, which suggests the market is still searching for a stable price while it weighs how much physical supply is actually at risk and how long those disruptions could last.

WTI, the U.S. benchmark, remains below Brent but has also surged fast enough to signal broad concern rather than a localized reaction.

Physical Supply Fears Are Driving The Market More Than U.S. Inventory Data

Normally, a weekly increase in U.S. crude inventories would help cap prices or at least slow the rally. This week, that effect has been limited.

Fresh U.S. government data showed crude stockpiles rose last week, while fuel inventories fell as gasoline and diesel demand strengthened. Under calmer conditions, a build in crude stocks might have pushed prices lower. Instead, traders are focusing far more on the possibility of disrupted exports from the Gulf and tighter availability of seaborne barrels.

That is a common pattern during major geopolitical shocks. When the market starts worrying about immediate physical shortages, domestic inventory figures become a secondary signal.

What The Supply Shock Could Mean Next

The biggest question now is duration.

If tanker traffic remains impaired only briefly, prices could retreat from current levels as strategic reserves, rerouted shipments and alternative export routes cushion some of the damage. If disruptions last longer, crude could move decisively higher and stay there, particularly if refiners begin competing more aggressively for replacement barrels.

There is also a wider economic angle. Higher oil prices feed into transport costs, manufacturing costs and household fuel bills. That raises the chance that central banks and governments will have to confront a fresh inflation problem just as many economies were hoping for more stable energy markets in 2026.

For oil-producing countries outside the Gulf, the price spike may bring a near-term revenue boost. For importers, airlines, shippers and heavy fuel users, it increases pressure almost immediately.

Why The Market Is So Volatile Right Now

Part of the price action reflects uncertainty, not just scarcity.

Traders are trying to price several moving parts at once: the safety of shipping routes, the odds of military escalation, the speed of any coordinated reserve release, and how quickly producers outside the affected area can respond. That combination tends to produce sharp intraday swings rather than smooth moves.

It also explains why the market has reversed so dramatically within days. Crude sold off hard earlier in the week when tensions appeared to be easing. Thursday’s rally shows that confidence has evaporated again.

What To Watch From Here

The next phase for crude prices will likely depend on three things: whether attacks continue, whether transit through Hormuz improves, and whether governments move aggressively to offset lost supply.

For now, the message from the market is straightforward. Traders no longer see this as a brief scare. With Brent back near $100 and WTI above $93, crude oil prices are once again being driven by fears of a sustained supply disruption in the Gulf rather than by routine weekly market data.

That leaves oil in a highly reactive position heading into the next few sessions, with every update on shipping security and regional escalation carrying the potential to move prices sharply again.