Middle East Conflict Fuels Market Fears
Brent crude futures jumped more than 5.2% on Thursday to exceed $107 per barrel, extending gains as the Middle East conflict continues to disrupt supply chains and unsettle global markets. Analysts warn that prolonged interruptions around the Strait of Hormuz through which 20 million barrels of oil normally pass daily could drive prices even higher.
The surge marks a sharp escalation from earlier this month, when Brent settled near $92. Supply fears have intensified amid US-Israeli strikes on Iran and Tehran’s retaliatory attacks. While Washington insists peace talks are underway, Tehran denies negotiations and has demanded sovereign control over Hormuz.
BlackRock President Rob Kapito cautioned that markets may be underestimating risks, warning oil could climb to $150 a barrel even if the war ended immediately, given the time needed for supply chains to recover.
Source: AA
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