Brent crude oil prices surged by around 5% during Asian trading hours on Thursday, climbing above $112 per barrel following reports of air strikes targeting energy infrastructure in Iran and Qatar. The developments have intensified concerns over the stability of global oil and gas supply.
At approximately 04:15 Cyprus time, Brent crude rose sharply by 5.02% to reach $112.77 per barrel, marking its highest level since March 9.
WTI also records gains
The US benchmark, West Texas Intermediate (WTI), also recorded gains, rising by 2.67% to $98.89 per barrel, reflecting broader market anxiety over potential supply disruptions in a region critical to global energy flows.
Supply fears drive market reaction
The attacks on key energy facilities have raised fears of prolonged disruption, particularly as the conflict in the Middle East continues to expand. Analysts warn that any sustained impact on production or transport routes could further tighten supply and push prices higher.
Source: CNA