Global oil prices surged above $117 per barrel as renewed fears of a wider US-Iran conflict raised concerns about energy supplies and global inflation.
Rising tensions in the Middle East have unsettled international markets. Investors fear further attacks on oil facilities and major shipping routes.
Brent Crude Surges Above $117 Per Barrel
Brent crude futures jumped 3.8% to reach $117.45 per barrel before settling at $116.72.
The international benchmark has gained more than 10% this month, reflecting growing uncertainty across energy markets.
Meanwhile, US West Texas Intermediate crude also traded above $100 per barrel.
US-Iran Conflict Raises Global Supply Fears
Market concerns intensified following reports of increased Houthi attacks targeting Saudi Arabia.
Iranian state broadcaster IRIB also claimed that seven oil tankers travelling through the Strait of Hormuz had been attacked or struck mines.
These claims have heightened fears of disruptions to one of the world’s most important oil transportation routes.
The United States has also withdrawn some diplomatic personnel and family members from the region.
Investors fear that tensions involving Washington, Tehran, and Israel could escalate further.
Could Oil Prices Remain High Until 2027?
Analysts are increasingly concerned about potential attacks on oil production facilities, refineries, and export terminals.
Even if shipping continues, damaged infrastructure could restrict global crude supplies.
Brent futures for April 2027 delivery have already exceeded $100 per barrel.
This suggests traders expect prolonged pressure on energy prices.
Rising Oil Prices Threaten Global Inflation
Higher crude prices could increase transportation, manufacturing, and fuel costs worldwide.
Oil-importing countries, including Pakistan, may face additional financial pressure if international prices continue rising.
