Global oil prices surged on Wednesday, with Brent crude rising over 3% to top $91 a barrel, following a series of military strikes between Israel and Iran. The escalation has intensified concerns over the security of Middle Eastern oil supplies and the potential for a broader regional war.
The price spike comes after Israel reportedly conducted a strike on an Iranian diplomatic facility in Syria earlier this week, which Iran vowed to retaliate against. In response, Iran launched a significant drone and missile attack against Israel over the weekend, marking a major escalation in their long-running shadow war.
Analysts warn that the direct confrontation between the two adversaries threatens to destabilize a region that accounts for nearly a third of the world's seaborne oil trade. Any disruption to shipping through the critical Strait of Hormuz would have severe consequences for global energy markets.
International leaders, including from the United States and European Union, have called for restraint to prevent further escalation. The situation remains fluid, with markets highly sensitive to any new developments that could impact oil production or transit routes.
