Iran‑US Conflict Pushes Brent Crude Above $85 a Barrel

Escalating hostilities between Iran and the United States have driven global oil prices sharply higher. Brent crude rose past $87.50 per barrel and settled around $85, while U.S. West Texas Intermediate reached about $82.15. The surge follows Iranian attacks on U.S. bases in Qatar and Syria and reciprocal U.S. strikes, which have also led to a renewed closure of the Strait of Hormuz for shipping.

The spike in fuel costs is pressuring the airline industry. European carriers such as EasyJet, airBaltic and Norwegian are seeking restructuring options, with Interpath’s Barma Boukoum saying the firm is preparing financial proposals for “four or five large airlines” in Europe. Analysts warn that smaller airlines face “potential bankruptcy” if high fuel prices persist.

Higher energy prices are also inflating travel expenses: airline tickets are up 22 % year‑on‑year, and hotel and hospitality costs have risen. European natural‑gas contracts jumped more than 15 % in the same week. The market expects oil prices to stay elevated as long as the conflict and the Hormuz blockage continue.