Oil prices rise above $100 a barrel for first time since July as Iran war escalates

AI desk brief

Brent crude climbed 2.1% back above $100/bbl, the first move over that level since July, as the Iran–US conflict escalated and Houthis attacked four Saudi cities, with more than 70 wounded and oil infrastructure hit. Prices are up about 25% since early August, while UK natural gas also hit a three-and-a-half-year high, reinforcing the inflation impulse.

The desk takeaway for metals is the firmer energy complex now raises the odds of higher-for-longer rates and a Fed hike by year-end, a headwind for gold and silver through real-yield channels even as broader geopolitical risk keeps safe-haven demand supported.