When the first US and Israeli missiles hit Iran more than a month ago, an oil price of $150 per barrel was considered a doomsday prediction. But the price of physical Brent crude is already a hair’s breadth from $150, while the futures price hasn’t caught up yet.
The Brent front-month futures price – which serves as a barometer for 80% of the world’s crude oil – has sat above $100 per barrel for several weeks. Rising and falling as US President Donald Trump changes the war’s aims and end date, it closed above $109 on Thursday, already higher than at any point since the Ukraine conflict escalated in early 2022.
But to understand just how severe…
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