Oil Nudges Toward $100 as Gulf Tensions Spark Market Uncertainty

Brent crude climbed toward $99 and U.S. WTI above $94 as renewed U.S.-Iran tensions and attacks near Kharg Island heighten supply fears, following earlier strikes on Iranian tankers and Saudi infrastructure. Analysts warn of further upside if Gulf flows remain tight, with forecasts ranging from about $95 by year-end to $120+ in a prolonged conflict. The turmoil also lifted gas prices and pushed bond yields higher as markets price energy risk and inflation, while key shipping routes like Hormuz and Bab el Mandeb stay constrained.