Brent hits $117 as US-Iran war fears spike crude prices

Crude oil prices surged to $117 per barrel, the highest level since May, amid escalating fears of a US-Iran conflict. The rally, which began from a July low of $70, is expected to continue in the coming weeks. Reports indicate the US and Israel are preparing a major attack on Iranian infrastructure, potentially targeting Kharg Island, which handles over 90% of Iran's oil exports. Iran has warned it will retaliate against energy facilities in neighboring countries, while attacks on ships in the Strait of Hormuz have also raised supply concerns. Technical analysis shows Brent breaking above key resistance at $109.96, with momentum indicators supporting a move toward $120. However, a negotiated de-escalation preventing attacks on Iranian oil infrastructure and keeping Hormuz shipping lanes open remains a key risk to the bullish outlook.