New York: Global crude oil prices continued to rise amid escalating tensions in the Middle East, with Brent crude surpassing the psychological threshold of $100 per barrel.
According to international media reports, Brent crude settled at approximately $100.69 per barrel, marking its highest level in the past two months. Meanwhile, West Texas Intermediate (WTI) crude also gained, reaching nearly $91.65 per barrel.
Analysts say the sharp increase in oil prices is primarily driven by growing concerns over supply disruptions caused by the worsening security situation in the Middle East.
Reports indicate that the number of oil tankers passing through the Strait of Hormuz has dropped significantly, reaching its lowest level in the past two months.
According to Reuters, only one oil tanker transited the Strait of Hormuz on Thursday. The vessel, "New Giant," was carrying approximately 2 million barrels of Iraqi crude oil and was en route to the Chinese port of Rizhao.
Market analysts warn that if tensions in the Middle East continue to escalate, the global energy market could face further pressure, potentially driving crude oil prices even higher.
