Brent crude oil prices surged to $110 a barrel following Israeli strikes on Iranian oil facilities, while the US WTI benchmark rose to $98. The IRGC labeled Gulf energy sites as 'legitimate targets', raising concerns about escalating conflict and its impact on global markets. Despite positive developments like the restart of Saudi Arabia's Ras Tanura refinery and a 60-day waiver of the Jones Act by the Trump administration, oil prices remain high due to ongoing tensions. Trump is also pressuring allies to secure the Strait of Hormuz amidst these developments.