Brent Crude tops $95 as US-Iran tensions, Hormuz blockade drive oil rally

Brent crude futures climbed above $95 a barrel for the first time since June 11, rising 4.87 percent to $95.44, as hopes of US-Iran diplomatic progress faded and supply disruptions intensified in the Strait of Hormuz and Red Sea. The US military carried out its 11th consecutive day of strikes against Iranian targets while Iran stated no formal negotiations are underway. Analysts at Bernstein warned Brent could climb above $100 a barrel before year-end if the Middle East conflict persists and OECD oil inventories continue to decline, with Goldman Sachs also flagging a severe supply disruption scenario.