Oil prices rose sharply on Thursday, extending gains for a third consecutive session as growing geopolitical tensions in the Middle East stoked concerns over potential supply disruptions. Markets were increasingly focused on the risk that the United States could carry out a military attack on Iran, one of the region’s key oil producers, an escalation that could have significant implications for global energy flows.
Brent crude futures advanced by 94 cents, or about 1.4 percent, to trade at $69.34 a barrel by 0730 GMT. U.S. West Texas Intermediate crude also strengthened, climbing 92 cents, or 1.5 percent, to $64.13 a barrel. The sustained rally reflects heightened risk premiums being priced into the market as traders weigh the impact of any conflict involving Iran.
Iran plays a critical role in the global oil market, both as a producer and as a strategic actor in the Middle East. Any military action against it could threaten oil infrastructure or disrupt shipping through key routes such as the Strait of Hormuz, through which a significant share of the world’s crude exports pass. Even the perception of such risks is often enough to drive prices higher as buyers seek to secure supplies.
The latest gains also build on momentum from earlier sessions, when oil prices were supported by expectations of steady demand and cautious optimism about global economic activity. However, analysts note that geopolitics is currently the dominant driver, with traders closely monitoring diplomatic signals and military developments for any indication of further escalation.
While no immediate supply outages have been reported, the market remains on edge, with investors bracing for volatility should tensions intensify. In the near term, oil prices are likely to remain sensitive to headlines from Washington and Tehran, as well as broader developments across the Middle East.
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