Global oil prices climbed sharply on Wednesday as escalating tensions between the United States and Iran fueled concerns over potential disruptions to energy supplies in the Middle East.
The increase followed reports of U.S. strikes on Iran’s Qeshm Island and alleged missile and drone attacks targeting Kuwait and Bahrain, which further intensified regional instability. At the same time, diplomatic efforts between Washington and Tehran showed no signs of progress, adding to market uncertainty.
During early trading, Brent crude futures rose by $1.05, or 1.09%, to reach $97.05 per barrel. U.S. West Texas Intermediate (WTI) crude gained $1.01, or 1.08%, climbing to $95 per barrel. Meanwhile, the price of UAE Murban crude reached $96 per barrel.
Analysts said growing geopolitical risks in the Gulf region have heightened fears of supply disruptions, prompting investors to push oil prices higher in global markets.
