Global oil prices surged on Thursday as escalating tensions in the Middle East rattled energy markets, pushing crude benchmarks sharply higher amid fears of supply disruption across the Gulf.
At the time of writing (8:10 WAT) Brent crude traded at $101.40 per barrel, up 10.22 per cent, while U.S. West Texas Intermediate (WTI) climbed to $96.52, gaining 10.62 per cent. The Middle East benchmark Murban crude jumped to $117.30 per barrel, up 16.50 per cent, reflecting the growing geopolitical risk premium in the region.
The rally comes as U.S. President Donald Trump declared that the United States had already “won” the war against Iran, even as military operations across the region continue.
“You never like to say too early you won. We won,” Trump said during a campaign-style rally in Kentucky on March 11. “In the first hour it was over.”
Despite the declaration, Trump said military operations would continue until the mission is fully completed. “We don't want to leave early, do we? We got to finish the job,” he added.
The conflict has intensified around the Strait of Hormuz, one of the world’s most important oil shipping routes where nearly 20 per cent of global crude supply passes daily.
Maritime security monitors said at least six commercial vessels were damaged by projectiles and explosive attacks in recent days.
In response, Trump said U.S. forces had struck Iranian vessels suspected of laying naval mines in the area. “We hit 28 mine ships as of this moment,” he told reporters, noting that Washington was determined to prevent any disruption to global energy flows.
With tensions escalating and tanker routes increasingly under threat, analysts say traders are pricing in the risk of a wider supply shock that could push oil prices even higher if the conflict persists.