LONDON: Global oil prices climbed sharply after US strikes on Iran and escalating tensions in the Middle East fuelled concerns over potential disruptions to global energy supplies.
Brent crude rose $1.93 (around 2%) to $96 per barrel, its highest level since June 8, while US West Texas Intermediate (WTI) gained $1.44 (1.7%) to $88.27 per barrel.
The latest gains follow strong increases in the previous trading session, when Brent settled above $94 per barrel and WTI also rose by nearly 3%.
Analysts said renewed US military action against Iran and Houthi attacks on oil tankers in the Red Sea have heightened fears over global oil supply. They warned prices could rise further if tensions continue or shipping through the Strait of Hormuz and the Red Sea faces additional disruption.
Investors are closely monitoring developments in the Middle East, including Iran’s potential response, US policy decisions and the impact on global supply chains.
