Global oil prices extended their gains on Wednesday, with Brent crude climbing above $92 a barrel and West Texas Intermediate (WTI) trading above $85, as escalating military tensions between Iran and the United States intensified concerns over potential disruptions to global energy supplies.
As of 9:30 a.m. Bangladesh time, Brent crude futures had risen $1.00, or about 1.1 percent, to $92.01 per barrel. At the same time, WTI crude gained 82 cents, or nearly 1 percent, to $85.16 per barrel.
According to Reuters, the latest rally followed a series of military exchanges between the two countries. Recent U.S. strikes reportedly targeted several sites in southern and western Iran, while Iran responded with attacks on U.S. military installations in Bahrain, Kuwait and Jordan, heightening concerns about the security of energy supplies from the Middle East.
Market participants said growing geopolitical risks have continued to put upward pressure on oil prices. Investors have increasingly priced in the possibility of supply disruptions, driving crude prices higher as tensions persist.
On Tuesday, Brent crude settled at $91.01 per barrel, its highest closing level in five weeks, while WTI finished at $84.91 per barrel, reflecting sustained market concerns over regional instability.
Analysts warned that if the conflict in the Middle East continues to escalate, volatility in global energy markets is likely to increase further, with crude oil prices potentially reaching new highs.
Source: Reuters.