Oil Prices Surge After Reported Attacks on Iran’s Kharg Island
Islamabad: Global oil markets witnessed significant volatility following reports of U.S. and Israeli strikes on Kharg Island, a key oil export terminal of Iran.
According to Agence France-Presse, the developments triggered a sharp rise in crude prices, with the U.S. benchmark West Texas Intermediate for May delivery climbing by 2.1% to $114.71 per barrel.
Meanwhile, the international benchmark Brent North Sea Crude for June delivery rose by 0.4% to $110.22 per barrel.
Market analysts noted that escalating geopolitical tensions, particularly warnings from former U.S. President Donald Trump regarding potential military action if the Strait of Hormuz is not kept open, have fueled uncertainty and driven prices upward.
Earlier, U.S. crude prices had already risen by $1.12 (1.1%) to $113.52 per barrel amid fears of supply disruption. Gasoline prices in the United States also saw a notable spike, reaching $4.10 per gallon after a 48-hour ultimatum linked to Iran tensions, marking an increase of up to 37%.
The global oil market has been experiencing heightened instability, with previous trading sessions also recording sharp gains. U.S. crude had surged by 2.35% to $114.16 per barrel, while Brent crude rose 1.72% to $110.91 per barrel, reflecting growing concerns over supply risks in the region.
