London/New York (Web Desk): Rising tensions in the Middle East and the looming risk of a confrontation between Iran and the United States have driven global crude oil prices higher for the third consecutive day.
Analysts say escalating threats in the Strait of Hormuz are creating concerns about potential disruptions to international energy supply routes.
Brent Crude: $79.44 per barrel
US West Texas Intermediate (WTI): $72.40 per barrel
Market analysts attribute the price surge primarily to geopolitical instability. The Strait of Hormuz, a strategic chokepoint through which a large portion of the world’s petroleum shipments pass, remains a key source of concern.
Energy expert Tony Sycamore warned that if tensions persist, Iran could potentially target energy infrastructure, which would further destabilize global oil markets.
Meanwhile, increasing hostilities between the United States and Israel with Iran have raised doubts over the continuity of oil exports from Gulf nations, adding to global market uncertainty.
With crude prices already elevated, traders and governments are closely monitoring developments in the region, fearing further volatility if the situation escalates.