Middle East fears push global oil prices toward notable surge

Global oil prices recorded gains exceeding three percent on Thursday, as Brent crude futures jumped by four dollars to reach one hundred four dollars and twenty cents per barrel, driven by escalating attacks on shipping traffic in the Gulf, disrupted US oil production due to a hurricane, and fears of a widening military escalation with Iran. These increases came amid growing risks threatening global energy supplies, alongside ongoing attacks on shipping lanes in the Gulf and halted oil production in the United States caused by a hurricane. The market received additional support following reports indicating that the White House asked the US Department of Defense to prepare options for striking targets in Iran ahead of the midterm elections, raising concerns about a new military escalation that could further disrupt energy markets. Brent crude rose by three point six percent to one hundred three dollars and eighty cents, while US West Texas Intermediate advanced by three point four percent to ninety-one dollars and twenty-seven cents, amid renewed fears of worsening inflationary pressures resulting from rising energy costs.