New Delhi: Global crude oil prices remained elevated on Friday, trading above the $100-per-barrel mark as escalating geopolitical tensions in the Gulf region raised concerns over possible disruptions to global energy supplies.

The rise in oil prices came amid fresh security concerns after attacks in the Red Sea and continued instability around some of the world’s most important oil shipping routes.

Brent Crude Surpasses $100 Mark

International benchmark Brent crude gained 0.43 per cent, rising by 44 cents to remain above the $100-per-barrel level.

Meanwhile, US benchmark West Texas Intermediate (WTI) crude increased 0.69 per cent, or 64 cents, to trade at $92.83 per barrel.

In India, crude oil futures for August delivery on the Multi Commodity Exchange (MCX) were trading at Rs 8,865 per barrel, down Rs 159 or 1.76 per cent around 10 am.

Red Sea Attacks Trigger Supply Concerns

Market experts said crude prices surged after Iran-backed Houthi forces attacked Saudi tankers in the Red Sea, creating fresh concerns alongside ongoing disruptions in the Strait of Hormuz.

Both the Red Sea route and the Strait of Hormuz are among the world’s most important energy transit channels, carrying significant volumes of global oil shipments.

Experts said renewed geopolitical tensions and uncertainty over ceasefire efforts have increased fears of prolonged supply disruptions and higher inflation.

US-Iran Tensions Add to Market Pressure

The rise in crude prices comes as tensions in the region continue to intensify. Following the collapse of an interim truce, the United States launched fresh air strikes on Iran, while Tehran reportedly responded with missile attacks targeting neighbouring countries hosting US military facilities.

The developments have increased concerns among investors that prolonged conflict could affect global oil supplies.

Global Markets React to Oil Price Surge

The sharp increase in energy prices also affected global stock markets.

In Asia:

• Japan’s Nikkei fell around 3 per cent.
• Hong Kong’s Hang Seng declined more than 3 per cent.
• South Korea’s KOSPI dropped over 5 per cent.

Overnight, Wall Street also closed lower, with the S&P 500 falling 1.21 per cent and the Nasdaq declining 2.15 per cent as investors worried that higher oil prices could keep inflation elevated for a longer period.

The continued rise in crude prices has renewed concerns over global economic stability, with markets closely monitoring developments in the Middle East.