Brent crude rose above $102 a barrel on Thursday, its highest level in more than three months, and has climbed nearly 15% since the start of September. Escalating strikes between Iran and the US have further constrained supply from the Middle East, with the US attacking Iranian tankers near Kharg Island, home to Iran’s key energy infrastructure. Tehran has signaled that it will maintain a military blockade. The deteriorating situation has reduced expectations that regional supply can quickly return to normal and is forcing Asian economies back into the energy market. China imported 8.93 bpd of crude oil in August, 6.2% more than in July, after drawing on inventories since the conflict began. Those stockpiles had helped shield the global economy from a more severe shortage caused by tankers being blocked in the Persian Gulf. US inventories have also declined, while the government’s Strategic Petroleum Reserve (emergency crude stockpile) remains at a record low.