Global oil prices surged sharply on Thursday, crossing the $100 per barrel mark again as escalating tensions in the Middle East rattled energy markets. The spike came after fresh strikes by Iran on supply routes and infrastructure in the region, raising fears of potential disruptions to global oil supplies.
Brent Crude Crosses $100 Mark
Brent crude, the international benchmark for oil prices, climbed 9.3% to reach $100.50 per barrel. Meanwhile, West Texas Intermediate (WTI) rose 8.8%, trading at $94.92 per barrel at around 3:05 a.m. GMT.
Stockpile Release Fails to Calm Markets
The sharp rise in prices came despite a record release of emergency oil reserves by the International Energy Agency. The move was intended to stabilize markets and ease supply concerns, but the latest developments in the Middle East overshadowed the effort.
Fears of Supply Disruption
Analysts say the renewed surge reflects growing concerns that the ongoing conflict in the region could disrupt major oil supply routes. Any prolonged instability could push prices even higher and impact global fuel and energy costs.
The situation is being closely monitored by governments and financial markets worldwide as the Middle East remains a critical hub for global oil production and transportation.