LONDON – Global oil markets surged to highest levels in recent months as escalating tensions between US and Iran fuel fears of wider conflict in the Middle East.
The growing uncertainty sent energy markets sharply higher, with investors pricing in the risk of supply disruptions from one of the world’s most critical oil-producing regions.
If confrontation between Washington and Tehran intensifies or drags on, Brent crude could climb beyond $100 per barrel, triggering another wave of global inflation.
Washington is weighing major escalation against Iran, with dozens of additional US aerial refueling aircraft reportedly being deployed to support military operations in the region. Reports have also claimed that President Donald Trump could authorize further military action in the coming days, although no official confirmation has been issued.
The biggest concern is possibility of disruption to oil shipments through the Strait of Hormuz, a strategic maritime route that carries a significant share of the world’s crude oil exports. Any interruption in traffic through the waterway could tighten global supplies and send prices soaring even further.
Petrol Price in Pakistan rises to Rs316.15/Litre, Diesel tops Rs350 after fresh hike