Global Oil Prices Surge Amid Escalating Iran Attacks in Gulf Region

Global oil prices have surged by nearly 6 percent over the past 24 hours following intensified attacks by Iran on vessels operating in the United Arab Emirates and the wider Middle East Gulf region.

According to international media reports, the situation marks one of the most serious escalations since the ceasefire agreement reached between the United States and Iran in early April.

Amid growing tensions, the price of Brent crude oil rose by 6.3 percent, increasing by 6.79 US dollars to reach 114.96 dollars per barrel. Similarly, the US West Texas Intermediate (WTI) crude oil price increased by 4.2 percent, rising by 4.23 US dollars to 106.17 dollars per barrel.

Market analysts note that rising geopolitical instability in key oil-producing regions has triggered concerns over supply disruptions, leading to sharp increases in global energy prices.