Brent hits $92.22 as US confirms two-hour operation on Iran

Brent futures rose $1.48, or 1.63%, to $92.22 a barrel by 07 GMT, extending a volatile run in which traders swung between fear of escalation and hope for a diplomatic exit. US West Texas Intermediate (WTI) crude added 43 cents, or 0.51%, to $84.89. Both contracts had already closed roughly 7% to 8% higher on Wednesday, one of the sharpest single-day moves since the conflict began.

The move followed direct US action. US Central Command confirmed a two-hour operation against Iran that began at 00 GMT, after President Donald Trump threatened strong retaliation for an Iranian missile strike on a US base in Jordan. The Guardian reported that the strikes coincided with a return of sanctions on Tehran. Reuters noted that the Caspian Pipeline Consortium halted oil loadings on Thursday after a drone strike on a tanker, adding a second supply worry alongside the chokepoint risk.

The chart below shows Brent over recent months, against which the latest move to $92.22 can be read.

What this means for UK buyers

Brent sets the tone for the gas and power contracts your renewal depends on, so a firming crude curve tends to pull UK forward prices with it. If you buy on a fixed contract, a sustained move at this level lifts the price you lock for the next term. If you run a flex arrangement, the question is whether this is a geopolitical spike that fades or a supply shift that holds.

Watch these points as the session develops:

• Brent front-month (currently $92.22 a barrel)
• WTI front-month ($84.89 a barrel)
• Strait of Hormuz tanker flows and any Iranian route restrictions
• Caspian Pipeline Consortium loading status after the tanker strike
• Signals of diplomatic de-escalation from Washington or Tehran

The BBC reported that oil and gas prices jumped and shares fell as the conflict escalated, a reminder that the risk premium is being priced across commodities, not oil alone. Analysts quoted by Reuters cautioned against reading too much into the initial surge: Rystad Energy's Lin Ye said the market has largely absorbed the 'hit hard' rhetoric and is now weighing whether actual supply is disrupted at all.

The near-term signal is the Strait of Hormuz. Iran's Fars news agency reported that a Qatari LNG tanker passed through the Iranian-designated route with Tehran's permission, which suggests flows are continuing for now. If that holds, the geopolitical premium may unwind; if traffic is restricted, expect the curve to firm further and UK gas to follow.