Brent crude breaches $100 a barrel as Middle East tensions tighten supply

International benchmark Brent crude rose above $100 a barrel for the first time since May, driven by escalating tensions between the United States and Iran and renewed attacks by Yemen’s Houthi rebels on Saudi oil tankers in the Bab al‑Mandeb strait. The price surge lifted Brent by more than 6 % to $100.17 and pushed U.S. West Texas Intermediate (WTI) to around $90‑91. Analysts linked the rally to fears that the conflict could disrupt shipments through both the Strait of Hormuz and the Red Sea, tightening global oil supplies.

The spike spurred movements in equity and energy markets: U.S. energy shares such as Exxon Mobil and Chevron rose, while the Athens stock index fell sharply and the Istanbul market saw gasoline and diesel price hikes. In Turkey, successive fuel‑tax adjustments have reduced the diesel special consumption tax (ÖTV) toward zero, but further price increases are expected to be reflected directly at the pump. The heightened oil price environment is also influencing inflation expectations and central‑bank policy discussions worldwide.