Oil Prices Surge as Middle East Tensions Shake Global Supply
TDT | Agencies
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Global oil prices surged on September 24 as escalating tensions in the Middle East renewed concerns over supply disruptions and shipping routes.
Brent crude futures climbed around 4 percent to $107.18 a barrel, while US West Texas Intermediate (WTI) rose to $95.82, reversing several sessions of declines.
The rally followed reports of six ballistic missiles launched by Yemen's Iran-backed Houthi group toward Saudi Arabia's Taif and Yanbu. Saudi air defences intercepted the missiles, but the attacks increased concerns over vital oil infrastructure and alternative routes around the Strait of Hormuz.
Tensions also intensified after Iranian officials warned the conflict could widen if further strikes are carried out by the US or Israel.
Oil prices later eased from their highs as reports emerged of possible diplomatic discussions between Washington and Tehran.
The market remains highly sensitive to developments around the Strait of Hormuz, regional shipping routes and efforts to ease tensions.
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