Brent crude breaks through $102: Iran says it is ready for a 'high-intensity war'

BlockBeats news, September 10 — Brent crude oil prices broke through $102 per barrel, reigniting market concerns over the prolonged US-Iran conflict. Bloomberg reported that a senior Iranian official said Iran has no intention of backing down in the face of continued US attacks on Iranian territory and is prepared to further escalate its countermeasures.

US President Trump stated that the war may last until after the November midterm elections, and that gasoline prices are unlikely to decline significantly in the short term, further weakening market expectations for a near-term de-escalation of the conflict.

Brent crude has risen nearly 70% so far this year, with the physical benchmark price once reaching $114 on Wednesday. Meanwhile, US diesel prices are approaching $6 per gallon, and gasoline and diesel prices in Europe also continue to climb, further intensifying energy inflation pressures.

Market participants said that if the conflict further disrupts oil transportation through the Strait of Hormuz, oil prices could continue to rise. The US is currently squeezing Iran's oil exports through a maritime blockade, and White House advisers have also discussed scenarios in which the war could last until the end of Trump's term.

In addition, a rebound in crude oil purchases by Asian countries is further tightening global supply, but high oil prices may also force some refineries to reduce processing volumes. US diesel inventories are expected to fall to a more than 20-year low this month.