Summary Global oil prices surged amid Middle East tensions and supply concerns, with Brent and WTI rising sharply as fears grow over Strait of Hormuz disruption.
NEW YORK (Dunya News) – Global oil prices climbed on Wednesday as tensions in the Middle East intensified, with uncertainty surrounding talks between United States and Iran adding pressure to energy markets.
Concerns over a potential blockade of the strategically vital Strait of Hormuz have heightened fears of supply disruptions, pushing petroleum prices upward across international markets.
Brent crude rose by more than three per cent to reach $101.46 per barrel, while West Texas Intermediate (WTI) crude increased by 2.87 per cent to $92.24 per barrel.
Meanwhile, Abu Dhabi’s Murban crude benchmark recorded a sharper surge, gaining 4.88 per cent to trade at $100.99 per barrel.
Analysts say the upward trend reflects growing geopolitical risks, as any disruption in oil shipments through key maritime routes could significantly impact global supply chains.
According to international reports, the continued rise in crude oil prices may lead to higher petroleum costs worldwide, raising concerns for both consumers and economies already facing inflationary pressures.
The surge also comes amid stalled diplomatic progress, with no agreement reached between Washington and Tehran, further fuelling market uncertainty.
