Global oil prices are trending sharply higher this week, once again grabbing markets' attention as supply disruption fears intensify amid ongoing Middle East conflict. Brent crude and U.S. oil benchmarks have climbed above $100 per barrel, a level last seen during major energy shocks, due to continued threats to key export routes and disruptions at major facilities.
The surge is largely linked to escalation in the U.S.–Iran conflict that has knocked out a significant portion of crude flows through the Strait of Hormuz, a chokepoint for roughly 20 % of the world's oil trade. Even with tactical export operations resuming at some terminals, analysts estimate global supply could fall by 8 million barrels per day this month as producers cut output in response to heightened risk, Reuters reported.
