Oil prices surge in global markets following Israeli airstrikes on Iran

LONDON: Crude oil prices spiked in international markets following Israel’s airstrikes on Iran, raising concerns over potential disruptions in Middle East oil supplies. Analysts warn that continued escalation could lead to further instability in global energy markets.

Recent Israeli airstrikes on Iran have led to a sharp rise in crude oil prices across global markets. With the Middle East being a major oil-producing region, the growing tensions are having a direct impact on energy markets around the world.

London Brent crude oil experienced a rise of $6.29, pushing its price to $75.65 per barrel. This notable jump reflects the market’s immediate reaction to the heightened instability.

Similarly, West Texas Intermediate (WTI) crude oil also saw a substantial increase, climbing by $6.43. WTI is now trading at $74.47 per barrel.

This latest surge adds to previous gains. Earlier, in the immediate aftermath of the Israeli strikes on Iran, crude oil prices had already risen by up to 13 percent, or approximately $9 per barrel.

The continued upward trend in oil prices underscores the market’s sensitivity to regional conflicts and the potential for supply disruptions, as analysts closely monitor the evolving situation.