TOKYO – Web Desk: Oil prices rose sharply in global markets on Wednesday following Iranian missile strikes and escalating tensions in the Middle East, with Brent and West Texas Intermediate crude recording gains of more than 3% in early Asian trading.
US crude (WTI) increased by approximately 3.67% to reach $82.17 per barrel, while Brent crude rose 3.39% to $86.94 per barrel. The price surge came after the US military claimed to have intercepted multiple Iranian missiles mid-air, though investors remain concerned about potential disruption to energy supplies from the region.
Energy experts say any rise in Middle East tensions immediately triggers concerns among investors over oil supply, driving prices higher. Analysts warn that if military tensions persist or oil shipments through the Strait of Hormuz are affected, further price increases could be expected in the coming days.
Global energy markets remain closely focused on the ongoing US-Iran tensions, maritime traffic conditions, and developments in the Middle East.
