Oil prices soar amid growing tensions in the Middle East.

Oil Prices Surge Amid Escalating Tensions in the Middle East

Oil prices have surged dramatically, driven by intensifying tensions in the Middle East that rekindle fears of prolonged disruptions in crude flow through the Strait of Hormuz.

As of 07:33 GMT, Brent crude rose by 4.86%, an increase of $4.47, reaching $96.45 per barrel after briefly surpassing the $100 mark during trading sessions.

Meanwhile, U.S. West Texas Intermediate (WTI) also climbed to $91.30 per barrel, up by $4.05 or 4.64%.

Just last Monday, Brent hit $119.50 per barrel, marking its highest level since mid-2022, before retreating due to expectations of an imminent resolution to the ongoing conflict in the Middle East.

This surge highlights the sensitivity of oil markets to geopolitical developments in a region crucial to global energy supply.