Brent crude tops 3-month high above $102 a barrel

Brent crude moved above $102 a barrel on Thursday, its highest level in more than three months, after a nearly 15% gain since the start of September. The source said escalatory strikes between Iran and the US further restricted supply from the key region. Tehran signaled it will not back down from a military blockade, while the US launched attacks against a series of Iranian tankers near Kharg Island, which hosts the state's key energy infrastructure. The deteriorating Middle East backdrop was said to weaken expectations that regional supply could be normalized as Asian economies re-enter the energy market.

2% from July, after reliance on inventory since the start of the conflict had helped shield the global economy from a deeper energy shortage due to blockaded tankers in the Persian Gulf. US inventories were also lower, with the government's SPR hovering at a record low.