Global oil prices soar amid Middle East tensions
Investors react as geopolitical risks push oil prices higher
ISLAMABAD: (Web Desk) – Global oil prices surged sharply on Sunday amid rising tensions linked to the ongoing conflict involving Iran and the United States, sparking concerns about potential disruptions to energy supplies from the region.
In international trading, West Texas Intermediate (WTI) crude oil jumped by 12.21 percent, reaching $90.90 per barrel during the latest session, marking a significant spike in US benchmark crude prices.
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Meanwhile, Brent crude, the global oil benchmark, also climbed to $92.69 per barrel as investors reacted to heightened geopolitical risks in the Middle East.
Market analysts said the rising prices reflect growing worries that the ongoing conflict could disrupt oil production and shipping routes, particularly across key energy corridors in the region.
The surge in crude prices has raised fears of further volatility in global energy markets if tensions continue to escalate, highlighting the broader economic impact of geopolitical instability.
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