Global crude oil prices have surged by nearly 7% in response to rising geopolitical tensions in the Middle East, particularly the intensifying conflict between Israel and Iran. The sharp increase is driven by concerns over potential disruptions to oil supplies from the region, which remains a vital artery for global energy markets.
Brent crude climbed to over $90 per barrel, while U.S. West Texas Intermediate (WTI) followed closely, marking one of the steepest jumps in recent months. Energy analysts attribute this surge to fears that the ongoing hostilities could jeopardize oil shipments through the Strait of Hormuz—a strategic chokepoint that handles approximately one-fifth of the world’s petroleum traffic.
The conflict between Israel and Iran has escalated over the past few days, with airstrikes, cyberattacks, and proxy confrontations across the region. The possibility of a broader war involving oil-rich nations like Saudi Arabia and Iran has further rattled markets.
In addition, speculative trading and investor anxiety have contributed to price volatility, with many hedging against prolonged instability. If the situation worsens or leads to actual supply interruptions, experts warn that prices could skyrocket further, potentially fueling inflation and impacting global economic recovery.
OPEC and major oil producers have so far remained silent, though emergency meetings may be convened if the conflict deepens. Consumers worldwide are likely to feel the pinch at fuel pumps and through rising transportation costs if the crisis is not contained.
