Crude oil prices climb to six-week high with Brent above $95 amid escalating US-Iran war. What's the near-term outlook?

Brent crude futures surged 2 percent to around 96 dollars per barrel, the highest level since June 8, while WTI gained 1.7 percent to 88.27 dollars, driven by fresh US strikes on Iran and Houthi attacks on oil tankers in the Red Sea. Iran's Revolutionary Guards warned that the Strait of Hormuz remains completely closed, with reports of mined routes forcing tankers to reverse course. Analysts at Kotak Securities noted the prompt-to-second-month spread has widened to 3 dollars, reflecting near-term supply concerns and the risk premium is building quickly, with a path toward 100 dollars Brent possible if escalation continues.