DUBAI – Global oil prices have recorded sharp increase with Brent crude approaching record monthly surge as the escalating conflict in the Middle East has intensified concerns over a worldwide energy crisis.
According to international news media, Brent crude rose by $3.09 to reach $115.66 per barrel, while West Texas Intermediate (WTI) climbed to $102.56 per barrel.
Over the past month, Brent has recorded an extraordinary 59% increase, the largest monthly jump since the Gulf War in 1990.
Experts attributed the massive price rise primarily to the closure of the Strait of Hormuz, a critical passage through which roughly one-fifth of the world’s oil and gas supply transits.
The conflict’s impact has now expanded beyond the Gulf, threatening other key trade routes, including the Red Sea and Bab el-Mandeb Strait.
Tensions escalated further when Yemen’s Houthis launched attacks on Israel, extending the conflict across the broader Middle East.
In response, Saudi Arabia has rerouted its oil exports via the Yanbu port, dispatching 4.6 million barrels per day.
Diplomatic efforts are also underway. Pakistan hosted a meeting between the foreign ministers of Saudi Arabia, Turkey, and Egypt to discuss measures to de-escalate the conflict and facilitate potential US-Iran negotiations.
Analysts warn that if the conflict continues to expand, oil prices could reach new all-time highs, posing severe repercussions for the global economy.
