Key Highlights
- Oil prices surged after fresh US strikes on Iranian targets
- Brent crude moved close to $96 per barrel
- Rising tensions near Strait of Hormuz triggered supply concerns
- Markets remain volatile amid ongoing US-Iran negotiations
- Inflation worries resurfaced for oil-importing economies
- Investors closely monitoring geopolitical developments
New Delhi: Global oil prices surged sharply on Thursday after reports of fresh US military strikes on Iranian targets intensified fears of a prolonged conflict in the Middle East, raising concerns over global energy supply disruptions and inflation risks.
Brent crude futures climbed above the $96 per barrel mark in early trade, while US West Texas Intermediate (WTI) crude also witnessed strong gains as traders reacted to the renewed escalation near the Strait of Hormuz — one of the world’s most critical oil transit routes.
Market sentiment turned cautious after reports indicated that the United States carried out overnight strikes targeting Iranian military infrastructure linked to threats against maritime traffic in the region. The development comes despite ongoing diplomatic talks between Washington and Tehran aimed at easing tensions and restoring stability in global energy markets.
Analysts said investors are increasingly worried that any prolonged disruption in the Strait of Hormuz could severely impact global crude supplies, pushing oil prices even higher in the coming weeks.
The latest spike in crude prices also revived concerns around inflation, especially for oil-importing economies such as India. Higher crude oil prices typically increase transportation, manufacturing and logistics costs, potentially putting pressure on fuel prices and consumer inflation.
Despite the fresh rally, oil markets remain highly volatile as investors continue tracking developments surrounding the US-Iran negotiations. Earlier this week, crude prices had fallen sharply on hopes of a possible ceasefire agreement and reopening of key shipping routes.
However, uncertainty over sanctions, military operations and control over strategic maritime corridors continues to keep traders on edge.
Experts believe global markets may remain sensitive to geopolitical developments, US foreign policy decisions, and updates related to the Strait of Hormuz in the near term.
