Global oil prices have climbed above the $100-per-barrel mark for the first time since 2022, as rising tensions in the Middle East spark fears of disruptions to global energy supplies.Brent crude futures jumped past $100 per barrel, while US West Texas Intermediate (WTI) crude also crossed the same level, driven by increasing concerns over the stability of oil supplies.
The sharp rise comes amid escalating military tensions involving the United States, Israel and Iran. Recent Iranian military strikes targeting energy facilities and US-linked interests in the region have heightened worries about potential disruptions to oil production and transportation.Energy market analysts say fears of supply interruptions from the Arabian Gulf — one of the world’s most vital energy corridors — have played a major role in pushing oil prices higher.Markets are also closely watching the Strait of Hormuz, a crucial maritime route through which around 15 million barrels of crude oil — nearly 20% of the world’s supply — pass every day. Any disruption in this strategic waterway could significantly impact global energy markets and drive prices even higher.
