Brent crude rises near $102 as US-Iran conflict escalates

Brent crude rose to about $102 a barrel on Thursday, reaching its highest since May as the US-Iran conflict intensified and stoked concern about further disruptions to Middle East energy supplies. Iran said it was prepared for a more intense conflict, promising to resist the US naval blockade and warning it would step up attacks if US forces kept striking Iranian territory. President Donald Trump said the conflict was unlikely to end before the November midterm elections and that major relief in gasoline prices was unlikely before then, pointing to little prospect of near-term de-escalation.

Fighting picked up over the past week after about a month of relative calm, with both sides increasing attacks. The conflict widened after Iran-backed Houthi militants hit several energy facilities in Saudi Arabia, leading to a temporary halt in some operations.