Due to rising tensions in the Middle East, crude oil prices have surged in the global market, drawing attention to key oil-producing countries in the region.
According to a report by the foreign news agency Reuters published in the Dawn newspaper, there are concerns that global crude oil supply may be disrupted due to the tensions in the Middle East.
The report indicates that Brent crude oil has risen by $3.59, or 4.86%, reaching $77.49 per barrel, while U.S. crude oil prices have increased by $3.58, or 5.11%, to $73.68.
Moreover, there has been an additional 5% rise in crude oil prices in the global market.
The increase in oil prices is attributed to the potential threat of attacks on Iranian oil facilities.
Senior analyst Phil Flynn from Price Futures Group stated that this could be a test for market capacity, as there had been no prior threats to supply. So far, oil supply has not faced any disruptions, making this a potential game changer.
Notably, U.S. President Joe Biden had mentioned the possibility of Israeli attacks on Iranian oil facilities the previous day. When a reporter asked him if he supported such attacks, Biden replied, “We’re discussing it, and I think it will happen to some extent.”
Following Biden’s remarks, oil prices in the global market rose by up to 5% due to fears of escalating tensions in the Middle East.
