Global crude oil prices have surged by more than 7%, with U.S. West Texas Intermediate (WTI) rising to $95 per barrel and Brent Crude reaching $100 per barrel.
Market analysts attribute this spike to a combination of rising global demand and intensifying geopolitical instability. Economists warn that if this upward trend persists, it will drive up energy costs worldwide and trigger a further wave of global inflation.
The situation is being further strained by escalating tensions in the Middle East. The Iranian military has claimed total control over the Strait of Hormuz, declaring that vessels from the United States and its allies are prohibited from passing through the vital maritime corridor.
In response, President Trump asserted that the Iranian leadership has been severely weakened and claimed that the U.S. has destroyed 28 Iranian mine-laying ships. He expressed confidence that oil prices will eventually stabilise and fall following these military developments.
