 Oil Storm: Brent Breaks $102 Amid Iranian Crisis Oil markets are experiencing one of the most volatile weeks of 2026. Brent closed on May 7 at $102.49 per barrel — up 1.21% for the day and 63% year-over-year. What’s happening: • The US-Iran conflict has entered a hot phase — strikes on military targets, missile attacks • The Strait of Hormuz is effectively blocked — the first oil tanker reached South Korea only in April, since the war began • UAE left OPEC — reshaping the oil alliance • Global jet fuel exports fell to a 10-year low • China is increasing leverage — the only major economy benefiting from the crisis My analysis: The market is pricing in a geopolitical risk premium not seen since 2022. The closure of Hormuz is not a temporary shock but a structural shift. While diplomacy tries to accelerate, military actions are only escalating. For investors, this means: high volatility will persist at least until June. Brent could test $110 with escalation. Full analysis and strategies at https://asibiont.com/