Oil surpasses $105 as China draws focus
Oil prices surged significantly in 2026, with Brent crude surpassing $105 per barrel, marking an increase of nearly 70% since the beginning of the year. This rise was driven by disruptions in oil supplies in the Persian Gulf region and escalating tensions between Iran and the United States, which led to a decrease in oil flow through the Strait of Hormuz to levels below those seen during previous conflicts. Concerns over the ongoing conflict and the imposition of shipping restrictions also supported the price increase, with market expectations indicating that supplies would remain tight—especially if China's purchases continued to recover and U.S. fuel inventories dropped to their lowest in 20 years.
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