New Delhi: Global oil markets experienced another shock on Thursday as the price of Brent crude climbed above $100 per barrel, intensifying concerns about energy supply and the stability of the world economy. The spike came only days after prices briefly surged close to $120, reflecting the growing anxiety among traders and policymakers.
The sharp increase followed a series of escalating attacks by Iran on commercial shipping routes near the Strait of Hormuz, one of the world’s most vital energy corridors. The renewed disruptions pushed Brent crude — the international benchmark for oil prices — up by more than 9% in early trading.
At the same time, the US benchmark crude price also moved sharply higher, reaching around $94 per barrel. The sudden jump in prices has renewed fears that the ongoing conflict in the region could further strain global energy supplies.
Iran’s recent actions are seen by analysts as an attempt to apply economic pressure on the United States and Israel amid the war that began nearly two weeks ago. By targeting strategic energy infrastructure and shipping routes, Tehran appears to be trying to raise the global economic cost of the conflict.
Reports indicate that Iranian strikes have affected oil fields and refining facilities in several Gulf Arab countries. The situation has also disrupted cargo movement through the Strait of Hormuz — a narrow but crucial maritime passage through which roughly 20% of the world’s traded oil flows.
With no clear signs of the conflict easing, market observers warn that energy prices could remain volatile in the coming days. Any prolonged disruption in the Strait of Hormuz may tighten supplies further and send ripple effects across global markets, potentially impacting fuel prices, inflation, and economic growth worldwide.
