Global oil prices have surged above $90 per barrel as the escalating conflict involving Iran raises fears of major disruptions to energy supplies.
Brent crude, the international benchmark for oil prices, climbed to more than $90 a barrel in recent trading, marking one of the sharpest weekly increases in years. Analysts say the surge is being driven by concerns that the war could threaten shipping routes and oil production across the Middle East.
Brent crude had been trading near $80 a barrel before the conflict, meaning prices have climbed around 10–15% since the war escalated. The crisis has intensified around the Strait of Hormuz, a narrow waterway through which roughly one-fifth of the world’s oil supply normally passes. Disruptions to tanker traffic and attacks on energy infrastructure have raised fears of a wider supply shock.
Energy traders warn that if the conflict continues to escalate, oil prices could climb even higher, with some predicting crude could soon approach $100 per barrel. Higher oil prices are already pushing up fuel costs in several countries and could add further pressure to global inflation as governments and businesses grapple with rising energy expenses.
