London, United Kingdom – Web Desk: Global oil prices have surged sharply once again, driven by escalating conflict in the Middle East and growing fears of a widespread energy crisis impacting global markets.
Benchmark Brent Crude rose by $3.09 to reach $115.66 per barrel, while West Texas Intermediate climbed to $102.56 per barrel, according to international market data.
Analysts note that Brent crude is heading toward a record monthly gain, having surged nearly 59% in just one month—marking the steepest increase since the Gulf War.
The primary driver behind the price spike is the disruption of shipping through the Strait of Hormuz, a critical route through which nearly one-fifth of the world’s oil and gas supplies pass.
Market experts warn that the situation is no longer confined to the Gulf region. Strategic trade routes, including the Red Sea and the Bab el-Mandeb Strait, are increasingly at risk due to the expanding conflict.
The crisis intensified further after Iran-aligned Houthi forces in Yemen launched attacks on Israel for the first time, significantly widening the scope of the conflict across the Middle East.
Energy analysts say the growing instability threatens global oil supply chains, increases inflationary pressures, and raises the risk of economic slowdown worldwide.
As geopolitical tensions deepen, markets are bracing for continued volatility in oil prices, with investors closely monitoring developments in key shipping lanes and conflict zones.
