Brent crude could hit $120 as Iran escalates Strait of Hormuz attacks

Brent crude oil prices reached $110 per barrel, their highest level since May 20, as Middle East tensions escalated, with West Texas Intermediate rising to $99.05. Analysts suggest the benchmark could potentially climb to $120 if current conditions persist. Iran's Islamic Revolutionary Guard Corps continued attacking ships transiting the Strait of Hormuz, targeting at least four vessels over the weekend, while the Trump administration refrained from military retaliation. Attacks by Houthi forces against Saudi Arabia have also kept regional oil flows under pressure. Technical analysis shows Brent has broken above key resistance at $109.90, invalidating a double-top pattern, with the next target at $115 and potentially $120. A sudden de-escalation or credible US-Iran agreement could rapidly reduce the risk premium, while higher prices may boost upstream capital expenditure and oilfield services demand.