Brent crude futures ( CO1:COM) settled above $100 per barrel on Thursday, marking the first close above that level since August 2022 and underscoring mounting stress across global energy markets as tensions involving Iran intensify.

Brent crude settled above $100 a barrel for the second straight session, ending the day at the highest level in more than three years as the conflict in the Middle East drags on and world leaders struggle to resolve the biggest disruption to the oil market in history.

By Georgina McCartney and Siddharth Cavale HOUSTON/New York, March 18 (Reuters) - The discount for U.S. crude futures versus Brent on Wednesday hit the widest in 11 years, as attacks on Middle Eastern oil infrastructure drove the global benchmark higher while rising supply in the U.

WTI oil futures edged up 0.1% to $96.32 a barrel, while Brent crude gains 3.8% to $107.38 a barrel, after strikes hit Iranian energy infrastructure.

Discover the implications of the Iran war on Brent crude prices and how it influences various industries and investments.

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U.S. stocks rose as efforts to restore the flow of oil through the Persian Gulf intensified.

At 9:15 a.m. Eastern Time today, the price of oil sits at $108.78 per barrel, using Brent as the benchmark (we’ll explain what that means shortly). That’s an increase of $5.80 since yesterday morning and roughly $38 more than at this time last year.