Oil Price Tops $100 for the First Time Since July as Iran Targets 10 Ships, $150 Warning Emerges

• Oil price crossed $100 for the first time since July, climbing as high as $101.58
• Iran said it targeted 10 vessels near the Strait of Hormuz, adding to concerns over further energy disruptions
• Bank of America sees a severe conflict scenario pushing oil toward $150, while Goldman Sachs has flagged a potential move to $120

The oil price has broken through $100 again, a level traders had been circling as fighting in the Middle East intensified. Brent crude crossed the threshold for the first time since July on Wednesday after another round of attacks raised the stakes around the Strait of Hormuz. The latest escalation in the Iran war is now reaching commercial shipping, but stress elsewhere in the energy market suggests $100 crude may not tell the full story.

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Oil Price Crosses $100 as Strait of Hormuz Attacks Escalate

Brent rose as high as $101.58 a barrel on Wednesday, while WTI climbed above $95. The rally followed another sharp escalation around one of the world’s most important energy corridors.

Iran’s Revolutionary Guard said it attacked 10 vessels, including eight oil tankers and two US military ships, near the Strait of Hormuz. The claims followed US strikes on five Iranian tankers a day earlier. Iran also fired missiles at a US-used military base in Jordan. This highlighted concerns that the conflict could further disrupt energy infrastructure and shipping.

The physical impact is already visible. Preliminary Kpler data showed only six commodity vessels passed through Hormuz on Tuesday, compared with a 10-day average of roughly 12.

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$150 Oil Is Already Showing Up, Jeff Currie Says

The more unusual warning is coming from refined fuels rather than the crude oil price itself. Commodity veteran Jeff Currie said markets waiting for $150 oil may already be seeing the equivalent pressure elsewhere. He said,

“You’re looking for prices over $150 a barrel. We’re there. But it’s in the product prices, and it’s not in the crude.”

Currie’s point is not that Brent crude itself has already reached $150. Instead, he argues that the severity of the current energy shock is showing up more clearly in refined products. This is important now that crude has crossed $100 and forecasts for a much larger move are beginning to resurface.

Bank of America has put $150 Brent at the upper end of its scenarios if the Iran war rises and causes major damage to energy infrastructure. Analyst Francisco Blanch sees Brent between $95 and $120 if disruptions continue through year-end, while a more severe conflict could send prices as high as $150. From current levels, that would mean another increase of nearly 50%.

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