Brent crude

Brent crude is a major global benchmark for the pricing of crude oil. It is newsworthy due to a recent surge in its price following reported US-Israeli strikes on Iran's energy infrastructure, specifically the Pars gas field. These strikes, and the subsequent threat of Iranian retaliation against Gulf energy targets, have led to significant disruption and increased risk in the region's oil supply. The Strait of Hormuz, a crucial shipping lane, is largely being avoided by shipowners and traders, further exacerbating the situation. This has caused Brent crude prices to rise sharply, reaching levels not seen since January 2025, impacting global oil markets and potentially leading to an oil squeeze for countries like China.