New Delhi (Rajeev Sharma): International oil prices climbed sharply on Thursday as mounting tensions in the Persian Gulf pushed Brent crude above the $100-per-barrel mark, raising fresh concerns about global energy supplies and economic stability.
The surge came after reports of intensified Iranian attacks on commercial vessels operating near the Strait of Hormuz, a critical maritime route for global oil transport. Market reaction was swift, with Brent crude recording a jump of more than 9% during early trading hours. Just days earlier, the benchmark had briefly surged close to $120, highlighting the volatility gripping energy markets.
Meanwhile, the United States’ primary crude benchmark also saw a notable increase, approaching $94 per barrel. Analysts say fears of supply disruption are driving the sudden spike, as traders assess the potential long-term impact of the escalating regional conflict.
Iran’s recent actions are widely viewed as part of a broader strategy to increase economic pressure on Washington and Tel Aviv following the outbreak of war nearly two weeks ago. Despite rising tensions, there are currently no clear indications that the conflict is nearing a resolution.
In addition to targeting cargo vessels, Iranian strikes have reportedly affected oil infrastructure across several Gulf Arab states, including fields and refining facilities. These developments have further unsettled the energy market.
The Strait of Hormuz remains at the center of global attention. The narrow waterway handles roughly one-fifth of the world’s traded oil, making it one of the most strategically important shipping lanes for energy supplies.
With shipping activity in the area significantly disrupted, analysts warn that prolonged instability could tighten global oil supply and keep prices elevated. Such a scenario could also place additional pressure on economies already grappling with inflation and uncertain growth prospects.
