NEW YORK (Kashmir English): Global oil prices surged sharply as tensions in the Middle East intensified following recent US strikes on Iran and growing concerns over the security of energy supplies through the Strait of Hormuz.
According to international reports, investors increased oil purchases amid fears that escalating regional tensions could disrupt global energy shipments, pushing crude oil prices higher in international markets.
Brent crude oil rose by $2.30, or 2.47 percent, to reach $95.40 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude gained $2.60, or 2.89 percent, climbing to $92.63 per barrel.
Trading data also showed that US crude futures advanced by more than $3 during early market activity, reflecting heightened concerns among investors regarding potential supply disruptions.
Market analysts noted that the Strait of Hormuz remains one of the world’s most critical energy transit routes, with a significant portion of global oil exports passing through the narrow waterway.
Any threat to shipping operations in the region is closely monitored by global markets due to its potential impact on energy supplies and international trade.
Experts warned that if tensions continue to escalate or maritime traffic through the Strait of Hormuz faces disruptions, oil prices could rise further in the coming days, increasing pressure on economies already dealing with inflation and energy-related challenges.
Financial markets are expected to remain sensitive to developments in the region as investors assess the potential implications for global energy security and economic stability.
