U.S. crude oil prices surged past $100 per barrel on Thursday, the highest level in more than three months as fighting has sharply escalated between Washington and Tehran this week.
West Texas Intermediate futures gained 6.7% to close at $102.48 per barrel, the highest settle since May 19. Brent crude, the international benchmark, advanced 6.3% to settle at $107.63 per barrel.
Oil prices have advanced more than 18% in September as the market braces for a prolonged war in the Middle East.
Top White House advisors have discussed with President Donald Trump the possibility that the Iran war could drag on past Inauguration Day in January 2029, U.S. officials told The Wall Street Journal.
The report contradicts Trump's claim Wednesday that the war would end immediately after the midterm elections. He has asserted for months the conflict was drawing to a close, only for fighting to escalate.