GLOBAL OIL PRICES SURGED AS MIDDLE EAST TENSIONS ESCALATED

Global oil prices surged over the weekend after U.S. and Israeli military strikes on Iran heightened fears of a broader regional conflict, pushing the Brent crude benchmark up about 10% to around $80 a barrel in over-the-counter trading. Traders said oil had already climbed to its highest level since July amid growing concerns that supply disruptions could worsen if tensions around the strategic Strait of Hormuz persist, a key route for more than a fifth of the world’s oil shipments.

Analysts warn that the trajectory of prices will depend on how the geopolitical situation unfolds, with some forecasting that crude could climb even higher if shipping routes remain threatened and uncertainty grows around future supply. The spike highlights how quickly energy markets can react to geopolitical risks, potentially leading to higher fuel costs and wider economic impacts if the conflict deepens.