FX.co ★ Brent Extends Rally on Intensifying US-Iran War

Brent crude rose to about $102 per barrel on Thursday, its highest level since May, as escalating tensions between the US and Iran heightened fears of further disruptions to Middle Eastern energy supplies. Iran declared it was prepared for a more intense confrontation, vowing to defy the US naval blockade and warning that it would step up attacks if American forces continued to carry out strikes on Iranian territory. At the same time, President Donald Trump predicted that the conflict would likely continue through the November midterm elections and cautioned that substantial relief at the gasoline pump was unlikely before then, suggesting limited prospects for any near-term de-escalation. Hostilities have intensified over the past week after roughly a month of relative calm, with both sides increasing the pace and scale of their attacks. The conflict widened after Iran-backed Houthi militants struck several energy facilities in Saudi Arabia, forcing a temporary halt to some operations.