London, UK – Web Desk: Global oil prices have surged once again after the United States announced it would continue its naval blockade against Iran, raising fresh concerns over an escalating energy crisis in international markets.
According to a news agency report, Brent crude oil prices in London jumped by $8.17 per barrel, pushing the benchmark to $119 per barrel. The sharp increase reflects growing market anxiety over potential supply disruptions from the Persian Gulf region.
US West Texas Intermediate (WTI) crude also became 7.5 percent more expensive, trading at $107.46 per barrel.
Meanwhile, the Abu Dhabi benchmark Murban crude oil saw an increase of $2.61, reaching $109.3 per barrel.
The price spike follows Washington’s confirmation that it will maintain its naval blockade against Iranian ports, a move that has already stranded over 20 ships at Iran’s Chabahar port and forced dozens of vessels to change course in the Arabian Sea.
Market analysts warn that continued tensions in the Strait of Hormuz—a critical chokepoint through which nearly one-fifth of global oil passes—could push prices even higher in the coming weeks.
The impact of rising oil prices is being felt across the globe, including in the Middle East and South Asia.
In Pakistan, Prime Minister Shehbaz Sharif acknowledged the challenge during a cabinet meeting, stating that oil prices are “again touching the sky” and that the government is facing a “very challenging situation.” He added that collective wisdom and efforts are being applied to manage the crisis.
