LONDON: Global oil prices climbed to multi-month highs on growing fears that escalating military tensions between the United States and Iran could disrupt crude supplies from the Middle East.
Analysts said recent attacks and retaliatory actions by Washington and Tehran have heightened investor concerns. The uncertainty triggered stronger buying in global oil markets.
Fears of possible disruptions to shipments through the Strait of Hormuz also supported prices. The strategic waterway handles a significant share of the world’s seaborne oil trade.
According to Reuters, Brent crude rose to around $88 a barrel, while U.S. West Texas Intermediate (WTI) crude climbed above $82 a barrel, marking their highest levels in several months.
Market analysts warned that prices could rise further if tensions between the United States and Iran intensify or if shipping through the Strait of Hormuz is disrupted.
Higher oil prices could increase inflationary pressures worldwide. They may also push up fuel costs and weigh on global economic activity.
Energy experts said investors are closely monitoring security developments in the region and the outlook for oil supplies. The Middle East remains a critical hub for global energy production and exports.
