Global oil prices surged sharply on Thursday as Brent crude climbed above the $100 per barrel mark, driven by escalating geopolitical tensions across the Middle East and fears of supply disruptions.
As at the time of writing (6:10 WAT), Brent crude was trading at $100.70 per barrel, representing a 9.49 percent increase, while West Texas Intermediate (WTI) rose to $95.01 per barrel, gaining 8.89 percent in international trading.
The rally follows reported Iranian strikes linked to oil infrastructure and tanker movements around Oman and Iraqi waters, developments that have raised fresh concerns about disruptions to crude supply routes in the Gulf region.
Market anxiety has also intensified around the Strait of Hormuz, a critical shipping lane through which roughly one-fifth of global oil supply passes, with security threats forcing some tanker operators to slow or reroute shipments.
Energy analysts say the renewed tensions have injected a strong geopolitical risk premium into crude prices, pushing Brent back above the psychological $100 level and raising the possibility of further volatility in global fuel markets if the conflict escalates.