“The benchmark crude contract rose to $100.19 on Wednesday, its highest level since July 24, when a memorandum of understanding between the United States and Iran was in place, and its price was on the downswing.”
The price chart marks the exact date the memorandum stopped holding. Crude sat on a downswing until late August, and the escalation put it back over $100. Bond yields in the US, Japan and parts of Europe are at multidecade highs at the same time. An analyst quoted here says demand does not actually break until $150, which is a way of saying nothing stops this at current prices.