Oil prices surged further on Thursday, a day after the White House signalled preparations for a prolonged blockade of Iranian ports in response to Tehran’s closure of the Strait of Hormuz.
The continued escalation has intensified pressure on global energy markets, with traders reacting to fears of disrupted supply routes.
Brent climbs towards record levels
The price of Brent crude, the international benchmark, rose by more than 5%, approaching $125 per barrel.
At around 07:10 Cyprus time, Brent was up 5.6% at $124.67, extending gains recorded in the previous session. The sharp increase reflects growing uncertainty over the stability of key oil transit routes in the Middle East.
Energy supply concerns deepen
The latest spike in prices highlights mounting concern over the potential impact of a sustained Iran port blockade. The Strait of Hormuz remains a critical chokepoint for global oil shipments, and any prolonged disruption could tighten supply and drive further price increases.
Analysts warn that continued volatility in oil markets may have wider economic consequences, particularly for energy-importing countries already facing inflationary pressures.
Source: CNA
Also read: Iran port blockade drives oil to 4-year high
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