Oil Prices Rise Above $106 per Barrel as US-Iran Conflict Enters Third Week

Oil prices rose sharply in early trading as the conflict involving Iran entered its third week with no signs of de-escalation, heightening uncertainty in global energy markets.

Brent crude climbed above $106 per barrel, while US West Texas Intermediate exceeded $102 per barrel, driven by investor concerns over escalating geopolitical risks.

The surge followed US strikes on military infrastructure at Iran's key oil export hub on Kharg Island, where around 90 percent of the country's oil exports pass through. The Strait of Hormuz, a critical maritime chokepoint carrying a large share of global oil shipments, has also come into focus.

President Donald Trump has pressed allies to contribute to securing the strait, emphasizing its importance to one of the world's most vital energy shipping routes.

United States officials said current operations are focused on military targets but indicated Washington has left open the possibility of striking broader Iranian energy infrastructure if tensions continue to rise.

The intensifying conflict and potential threats to key oil infrastructure are expected to keep global oil markets volatile in the near term.