LONDON: Global oil prices extended their gains after renewed US military strikes on Iran, with concerns over potential supply disruptions pushing crude prices to their highest levels in weeks.
In international trading, Brent crude rose by $1.93, or nearly 2 percent, to $96 per barrel, marking its highest level since June 8. The increase reflects growing market concerns about escalating geopolitical tensions in the Middle East.
Meanwhile, West Texas Intermediate (WTI) crude climbed $1.44, or 1.7 percent, to $88.27 per barrel, continuing the upward trend seen in recent trading sessions.
During the previous trading session, Brent crude settled at $94.07 per barrel after gaining more than $3, while WTI also posted an increase of nearly 3 percent, highlighting sustained volatility in global energy markets.
Analysts said oil prices have been driven higher by fears that continued military tensions in the Middle East could disrupt energy supplies or affect major shipping routes that are critical to global crude exports.
The latest gains came after the United States launched a new series of strikes on Iran, raising concerns among investors about the possibility of a wider regional conflict. At the same time, Yemen’s Houthi movement reportedly carried out attacks on oil tankers in the Red Sea, adding to worries over maritime security.
The Red Sea is one of the world’s most important shipping corridors for oil and other commodities. Any disruption to vessel traffic in the region can influence global energy markets and increase transportation costs.
Market participants are closely monitoring developments in the Middle East, as further escalation could lead to additional volatility in oil prices. Investors are also watching for any responses from major oil-producing countries that could affect global supply and demand.
