US-Iran war: Crude oil prices extend gains amid rising tensions in the Middle East. Can it hit $100 per barrel?

Crude oil prices have surged sharply on escalating US-Iran tensions, with Brent crude rising over 18% from early July to around $87 per barrel and WTI rebounding to nearly $80 per barrel. The US reinstated a naval blockade on Iranian ports and struck military targets near the Strait of Hormuz, through which about one-fifth of global crude and LNG shipments pass. Analysts at Kotak Securities and Choice Broking warn that a prolonged Hormuz disruption could push Brent above $100 per barrel, posing stagflation risks given thinner strategic reserves than earlier in 2026.