Global oil prices have surged again, crossing the $100 per barrel mark as investors weigh uncertain prospects of a ceasefire in the Middle East, with ongoing tensions continuing to threaten energy supply chains.
Gatekeepers News reports that Brent crude rose by about 3.37 percent to $100.54 per barrel, while US West Texas Intermediate climbed to around $93 per barrel, reversing earlier declines recorded earlier in the week.
The rebound follows renewed concerns that the conflict in the Middle East could persist, despite ongoing diplomatic efforts led by countries such as Turkey, Egypt, and Pakistan to broker peace between the United States and Iran.
Iran is reportedly reviewing a US-backed proposal aimed at ending the war but has not committed to negotiations, leaving markets uncertain about the likelihood of a ceasefire.
Analysts say the volatility reflects how sensitive oil markets remain to geopolitical developments. Earlier in the week, prices dipped below $100 after the US announced a temporary pause in planned strikes on Iranian energy facilities, raising hopes of de-escalation.
However, those gains were short-lived as fears of prolonged disruption resurfaced. The ongoing conflict has already severely affected shipments through the Strait of Hormuz — a critical route that handles roughly one-fifth of global oil and liquefied natural gas supplies.
Recent reports indicate that the crisis has triggered one of the largest energy supply disruptions in history, with infrastructure damage and reduced exports pushing prices higher and keeping markets on edge.
Market watchers warn that unless a concrete ceasefire agreement is reached, oil prices could remain elevated or even rise further, with some projections suggesting a potential spike to $150 per barrel under worst-case scenarios.
The situation has also begun to impact global economies, contributing to inflation concerns and rising fuel costs in countries like Nigeria, where petrol prices have already climbed amid the ongoing crisis.
