Brent crude oil surges past $102 amid Hormuz tensions, US-Iran conflict
Oil prices climbed sharply on Friday (Oct. 2, 2026), with Brent crude reaching $102.30 a barrel and Murban crude rising to $109.40, as of 8:06 am Tokyo time. WTI crude was at $93.05. The rally, tracked by OilPrice, came as markets continued to assess disruption risks linked to the US-Iran conflict, the Strait of Hormuz and regional shipping security. The sharpest move was in Murban, the UAE's…
Oil prices surged on October 2, 2026, as tensions between the US and Iran escalated, particularly around the strategic Strait of Hormuz. Brent crude reached $102.30 per barrel, while WTI crude was at $93.05. Murban crude, a key reference for Asian refiners, rose to $109.40, marking a significant 6.99% increase. Analysts are concerned about potential supply disruptions in the Middle East due to Iran's presence in the region and the safety of shipping routes.
Trading Economics and JPMorgan data indicate that crude flows through Hormuz have rebounded to approximately 13.2 million barrels per day, while wider Middle Eastern exports have recovered to around 17.5 million bpd, near pre-war levels. However, cautious optimism prevails, as geopolitical developments and negotiations between the US and Iran continue to influence market sentiment.
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