Islamabad, Pakistan – Web Desk – US crude oil prices surged to $98 per barrel on Friday as escalating tensions between the United States and Iran threaten global oil supply, particularly through the strategic Strait of Hormuz.
Both US crude and Brent crude benchmarks saw significant gains amid fears of supply disruptions. Nearly 20% of the world’s oil shipments pass through the Strait of Hormuz, which Iran has effectively closed, raising concerns about a sharp supply deficit.
Energy analysts warn that continued instability could drive global oil prices as high as $200 per barrel, with millions of barrels per day potentially removed from the market if Gulf oil exports are further disrupted.
The surge in oil prices has sparked global economic concerns, as energy costs play a critical role in inflation, transportation, and industrial production worldwide.
