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Oil prices have sharply increased amid escalating conflict in the Middle East, particularly due to disruptions in navigation through the Strait of Hormuz and targeting of energy infrastructure. Brent crude jumped by over 5 percent.
At 09:15 GMT, the price of Brent crude rose by 5.45 percent to $82 per barrel. U.S. West Texas Intermediate crude also climbed by 5.32 percent, reaching $75.02 a barrel.
The rapid ascent reflects investor anxiety over the potential closure of vital shipping lanes, threatening global supply flows. Markets are on high alert for any further developments that could exacerbate the crisis.
