Global oil prices extended gains Thursday as tensions in the Middle East intensified.
Brent crude was trading at $79.41 per barrel, up 1.6% from Monday’s close, after briefly touching $80.02 before settling at $78.15 in the previous session. Meanwhile, West Texas Intermediate stood at $72.45 per barrel.
Market analysts attribute the rise to escalating conflict involving the United States, Israel, and Iran, which has heightened fears of potential supply disruptions. Concerns about instability in key energy transit routes and production hubs have pushed prices higher, with crude benchmarks reportedly jumping more than 7% during the previous trading session.
Oil markets remain highly sensitive to geopolitical developments in the region, particularly given the Middle East’s central role in global energy supply.
