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Global oil prices have climbed above $97 per barrel following a sharp escalation in the conflict between the United States and Iran, raising concerns over potential disruptions to vital shipping lanes in the Middle East.
Brent crude futures rose by more than 3 per cent to trade at $97.59 per barrel, while U.S. West Texas Intermediate (WTI) crude advanced to $89.48 per barrel, representing an overall increase of about 25 per cent since the beginning of July 2026.
The latest surge has been driven by growing fears that heightened tensions could disrupt the flow of crude oil through strategic maritime routes, particularly the Strait of Hormuz, a key global shipping corridor through which a significant share of the world's oil supply passes.
Analysts warn that sustained geopolitical tensions could place further upward pressure on energy prices, potentially increasing fuel costs, inflation and transportation expenses across global markets.
Investors and governments are closely monitoring developments in the Middle East, with concerns that any prolonged disruption to oil exports could have significant implications for the global economy.
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