(Web Desk) – Global oil prices climbed on Thursday as escalating tensions in the Middle East and disruptions to energy supply routes raised concerns about global fuel availability.
Benchmark Brent Crude rose by $1.67, or about 2.05%, to $83.07 per barrel in early trading, while West Texas Intermediate gained $1.94, or 2.60%, reaching $76.60 per barrel.
Energy markets have been rattled by the widening conflict between the United States and Iran, which analysts say is disrupting energy flows from one of the world’s most critical oil-producing regions.
Shipping activity through the strategic Strait of Hormuz—a key corridor that handles nearly one-fifth of global energy consumption—has slowed dramatically for several days as security risks remain elevated.
Geopolitical tensions intensified after U.S. forces reportedly struck an Iranian warship near Sri Lanka, while the United States Senate backed President Donald Trump’s military campaign against Iran by rejecting a bipartisan resolution that sought to limit further hostilities.
Meanwhile, supply disruptions are emerging across the region. Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries, has reportedly reduced output by about 1.5 million barrels per day due to storage shortages and export bottlenecks.
In Qatar, the world’s leading liquefied natural gas exporter, authorities declared force majeure on LNG shipments, with industry sources indicating that restoring normal production could take several weeks.
According to analysts at JPMorgan Chase, roughly 329 oil tankers are currently stranded in the Gulf region as security threats and logistical constraints hamper shipping operations.
Market experts note that although most oil fields could resume normal production within weeks, the main challenge currently lies in transportation and logistics rather than production capacity.
With energy supply routes under pressure and geopolitical risks rising, traders say volatility in global oil markets may continue in the near term.
