Global oil prices surged by more than three per cent in early Asian trading on Wednesday after the United States military said it intercepted several missiles launched by Iran, raising fresh concerns over escalating tensions in the Middle East.
Gatekeepers News reports that as of about 0015 GMT, US benchmark West Texas Intermediate (WTI) crude rose 3.67 per cent to $82.17 per barrel, while North Sea Brent crude climbed 3.39 per cent to $86.94 per barrel.
The spike in prices reflects growing fears that renewed hostilities could disrupt energy supplies from the region, particularly through key shipping routes.
Despite the heightened tensions, US President Donald Trump expressed optimism that diplomacy could still bring an end to the conflict, which began in late February.
“I have a lot of patience… We’ll see what happens,” Trump said aboard Air Force One. “I think there is a good chance that something could happen.”
Meanwhile, reports indicated that Oman and Iran are working toward an agreement to resume shipping through the Strait of Hormuz, a vital waterway that typically handles about one-fifth of the world’s oil and liquefied natural gas (LNG) shipments.
The developments come as global markets continue to closely monitor the security situation in the Gulf, with any disruption to oil exports likely to have significant implications for energy prices worldwide.
