Brent crude oil prices surged above $104 a barrel on Thursday. Global oil prices climbed on Thursday as escalating tensions in the Middle East increased concerns about possible disruptions to crude supplies.
Brent crude futures rose to $104.2 per barrel, while US West Texas Intermediate (WTI) crude traded around $91 a barrel.
The latest increase followed growing risks surrounding oil shipments through the Gulf and the strategically important Strait of Hormuz. The waterway handled roughly one-fifth of global oil and fuel shipments before the conflict, making any disruption a major concern for international energy markets.
OPEC and UAE’s Murban crude were trading at $108 and $106 a barrel, respectively on Thursday morning.
Market sentiment also weakened as tensions involving Iran and the United States remained unresolved. Reports that Washington could resume large-scale military operations against Iran have further heightened concerns about potential supply disruptions.
At the same time, attacks on commercial vessels have increased across the region. A tanker north of Qatar was reportedly struck by multiple projectiles, causing casualties and adding to concerns about the safety and cost of transporting oil through regional shipping routes.
US inventory data also provided support to crude prices. The Energy Information Administration reported that American crude inventories fell by 3.2 million barrels to 424.1 million barrels in the week ending October 2. The decline was larger than analysts had expected.
Meanwhile, the International Energy Agency has accelerated plans to release oil stocks and prioritise diesel supplies amid continuing market pressures.
Analysts said oil prices could remain sensitive to developments around Gulf shipping routes and regional energy infrastructure. Any further escalation could tighten supplies and push prices higher, while improved security conditions could ease the current risk premium.
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