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Global oil prices spiked sharply on Thursday, with West Texas Intermediate crude futures briefly breaching the $100-per-barrel threshold amid escalating military tensions between the United States, Israel, and Iran. Brent crude futures climbed 3.4% to $111.15 a barrel, while WTI futures surged 3.5% to $99.85, touching an intraday high of $100.02.
The rally was fueled by reports that Israel struck facilities within Iran's South Pars field, the world's largest natural gas reserve. In response, Tehran threatened retaliatory strikes on critical energy infrastructure across the Gulf region, including Saudi Arabia's SAMREF and Jubail complexes, the UAE's Al Hisn gasfield, and Qatar's Ras Laffan refinery. These threats intensified fears of widespread supply disruptions across one of the world's most vital oil-producing regions.
Adding to market anxiety, a Reuters report revealed that the Trump administration is weighing a large-scale military deployment to the Middle East. Among the objectives under consideration is securing safe passage for oil tankers through the Strait of Hormuz, which Iran has kept largely closed — a development that alone poses a significant threat to global crude supply chains. Washington is also reportedly evaluating troop deployment to Iran's Kharg Island, a major oil export hub that was struck by military forces the previous week.
Despite rising crude prices, the U.S. dollar also strengthened, while the Federal Reserve signaled uncertainty over energy-driven inflation following stronger-than-expected producer price data. An unexpected build in U.S. oil inventories briefly tempered the rally, as did news that Iraqi and Kurdish officials agreed to resume oil flows through Turkey's Ceyhan port. Major global economies are also reportedly coordinating emergency petroleum reserve releases to help stabilize markets. Nevertheless, geopolitical risk continues to dominate sentiment, keeping upward pressure on oil prices.
