Brent Crude Approaches War-Driven Highs

Brent crude climbed toward $112 a barrel on Thursday, nearing its four-year high of $114.44 as fears of renewed US strikes against Iran intensified Middle East supply concerns. US and Israeli officials have reportedly prepared plans for a short, intensive military campaign, while refined oil product shipments remain constrained despite crude exports through the Strait of Hormuz moving closer to pre-conflict levels. Further military escalation could push Brent toward or beyond its previous high, although improving crude export flows may limit supply-driven upside.