Global crude oil prices have jumped sharply amid the intensifying conflict involving the United States, Israel and Iran, pushing benchmark prices toward $80 per barrel.
The uptick reflects growing fears of supply disruptions from the Middle East, particularly around the Strait of Hormuz, a critical route through which a significant portion of the world’s oil passes.
Analysts say that Brent crude, the international benchmark, climbed about 10 percent in response to military strikes and retaliatory actions in the region, with trading briefly taking crude close to the $80 mark before settling near that level.
Many traders and energy experts now warn that if the conflict continues and disrupts supply routes or production further, prices could climb even higher, with some forecasts pointing toward the possibility of crude hitting around $100 per barrel in the weeks ahead.
The surge in oil prices has been accompanied by volatility in global markets and raised concerns about the potential impact on fuel costs worldwide.
