Iran Threatens Gulf Energy Infrastructure as Brent Crude Nears $100 a Barrel

TLDR

• Brent crude climbed to $98.73 a barrel, with WTI rising to $94.14, after Iran threatened to target Gulf energy infrastructure
• Iran warned of a maritime exclusion zone across the Persian Gulf in response to U.S. “economic warfare”
• The Strait of Hormuz remains the key focus, with Iran also announcing a deal with Oman over shipping arrangements
• Saudi Aramco’s Jazan oil facilities were attacked Monday, though damage was limited
• Oil prices are up more than 30% since the conflict began in late February, with Brent gaining 8% last week alone

Oil prices surged on Tuesday as Iran escalated its warnings against Gulf energy infrastructure, pushing Brent crude close to the $100 mark.

Brent futures rose 1.6% to $98.73 a barrel, while U.S. West Texas Intermediate climbed 2.9% to $94.14. Brent had already settled nearly 1% higher on Monday after briefly touching $98.

The moves follow a weekend of tit-for-tat strikes between the U.S. and Iran, including attacks on shipping in the Persian Gulf.

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