Crude oil has surged above 100 dollars a barrel for the first time since 2022, with Brent briefly jumping towards 110 as shipping through the Strait of Hormuz slows to a crawl on the back of the US–Israel war with Iran. Traders say this is the fastest oil spike since the early days of Russia’s Ukraine invasion, with Brent and WTI up more than 25 percent in just days and some houses now warning of a sustained 100‑dollar‑plus regime if Hormuz stays effectively shut.