Global oil prices climbed sharply as concerns over the ongoing US war against Iran and the possibility of further military action unsettled energy markets. According to reports, crude oil benchmarks closed approximately 4% higher as traders assessed the potential impact of escalating tensions on global supplies.
Brent crude futures rose by $4.08, or 4.1%, to settle at $104.28 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude gained $3.21, representing a 3.6% increase, to reach $91.49 per barrel. The gains reflected renewed concerns about the stability of energy supplies from the Middle East.
During the trading session, prices for both benchmarks rose by more than $5 per barrel at certain points. The sharp movements highlighted the sensitivity of oil markets to geopolitical developments, particularly when military tensions threaten key production and transportation routes.
Reports indicated that Brent crude reached its highest level since September 29 amid concerns about possible US strikes. The renewed uncertainty has put the spotlight on the risks facing oil production, exports and transportation across the wider Middle East.
Concerns have also grown over tanker movements in the Gulf and the Strait of Hormuz as the conflict with Iran enters its eighth month, according to the supplied report. The strait is a critical route for international energy shipments, making its security a major consideration for oil traders and importing countries.
The number of attacks on oil tankers transiting the Strait of Hormuz reportedly reached its highest level since the war began last week. These incidents occurred despite increased oil exports by Gulf countries, highlighting the difference between available supply and the risks involved in transporting it safely.
