Brent Crude Hits $100.69, Up 38% This Month as U.S.-Iran Tensions Escalate

According to Korea Exchange, as of July 23, Brent crude surged to $100.69 per barrel, marking the first time it breached the $100 level in two months and representing a 38% jump from late June. WTI futures for September delivery closed at $92.19 per barrel, up 33% over the same period.

Escalating military confrontation between the U.S. and Iran, coupled with Yemen's Houthi rebels declaring a blockade of the Bab al-Mandeb strait, has intensified Middle East supply concerns. Multiple oil-linked leveraged ETNs surged in response, with Meritz Leverage WTI Crude Futures ETN (H) climbing 69% since end-June, and Shinhan Bloomberg Leverage WTI ETN B, Samsung Leverage WTI ETN, and KB S&P Leverage WTI ETN B each gaining over 60% this month.