Brent crude surges past $102 amid US-Iran conflict and Hormuz tensions

Oil prices climbed sharply on Friday, with Brent crude reaching $102.30 a barrel and Murban crude rising to $109.40. The rally came as markets assessed disruption risks linked to the US-Iran conflict, the Strait of Hormuz and regional shipping security. WTI crude was at $93.05. Murban's jump above Brent indicates traders are assigning a higher risk premium to Middle Eastern supply, particularly barrels exposed to Gulf shipping disruptions. Crude flows through the Strait of Hormuz have recovered to about 13.2 million barrels per day, while JPMorgan estimates broader Middle East crude exports averaged 17.5 million bpd in September — about 98% of their pre-war level. However, traders remain cautious because recovery depends on continued safe passage and progress in US-Iran negotiations. Higher crude prices could increase fuel, transport and shipping costs across Asia if the rally persists. For the UAE, Murban's surge raises the value of the country's exports while signalling greater risk around regional logistics and energy security.