US-Iran tensions push brent crude near $85 as global oil prices continue to surge

Global crude oil prices continued their upward trajectory as escalating military tensions between the United States and Iran heightened fears of potential disruptions to energy supplies

Global crude oil prices continued their upward trajectory as escalating military tensions between the United States and Iran heightened fears of potential disruptions to energy supplies, prompting investors to seek safer positions in the oil market.

During the latest trading session, Brent crude, the international benchmark for oil prices, climbed by $1.68, or around 2 percent, to $84.98 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude also posted strong gains, rising $1.65, or 2.1 percent, to $79.79 per barrel.

The fresh increase follows a sharp rally in the previous trading session, when Brent crude surged by approximately 9.6 percent, marking one of its strongest single-day advances in recent months. The sustained gains reflect growing concerns among traders that continued hostilities in the Middle East could affect oil production, transportation routes and global supply chains.

Market participants remain focused on developments in the region, particularly any escalation that could threaten the movement of crude oil through key shipping corridors. The Middle East is home to some of the world’s largest oil producers, making geopolitical instability a major driver of energy prices.

Analysts say investors are pricing in a higher geopolitical risk premium as uncertainty persists over the conflict. While no major supply disruption has been confirmed, fears of interruptions have been enough to push crude prices significantly higher.

Higher international oil prices could have wide-ranging economic consequences, including increased fuel costs, rising transportation expenses and renewed inflationary pressures in oil-importing countries. Economists warn that if tensions continue to intensify, energy markets are likely to remain volatile in the coming days, with further price fluctuations expected.