Oil nears $100 as U.S.-Iran military escalation threatens supply chains

Brent crude $BRENT briefly topped $99 per barrel on Tuesday after Iran targeted a U.S. military base in Jordan and attacked commercial vessels, escalating Middle East tensions and raising risks of supply disruptions. Goldman Sachs now forecasts potential upside to $120 per barrel should the conflict intensify and disrupt major shipping lanes.

U.S. crude oil reserves have fallen to their lowest level since 1982, constraining the Strategic Petroleum Reserve's ability to offset supply shocks. Energy prices and geopolitical risk are now intertwined as traders price in potential Strait of Hormuz disruptions. #geopolitique #petrole #matieres_premieres