Brent crude soars above $100 as Middle East conflict escalates sharply

Brent crude $BRENT surged above the $100 per barrel mark on Tuesday as military escalation between the U.S. and Iran intensified in the Middle East. U.S. crude oil inventories fell to their lowest level since 1982, tightening global supply dynamics amid geopolitical risks.

Goldman Sachs raised its oil price forecast, now modeling potential upside to $120 per barrel should tensions persist. The rally is stoking inflation concerns for central banks worldwide, particularly weighing on bond markets and curbing equity sentiment as energy costs cascade through economic data.

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