Brent crude approaches $100 per barrel amid escalating US-Iran military conflict

Brent crude prices have surged to $98 per barrel, the highest level since June, following the collapse of US-Iran ceasefire negotiations. The price increase reflects heightened supply risk as the US conducts twelve consecutive nights of strikes against Iran, which has responded with retaliatory attacks. The market is reacting to the breakdown of diplomatic efforts and the intensification of direct military engagement.