Global energy markets witnessed a notable upward movement on Thursday, as Brent crude futures jumped by four dollars to reach $104.20 per barrel, exceeding a three percent increase, influenced by multiple concurrent supply disruptions. This surge unfolded amid escalating maritime
attacks targeting shipping traffic in the Gulf region, alongside a halt in United States oil production caused by a hurricane, in addition to mounting geopolitical concerns over a wider potential military escalation involving Iran. Crude prices received further momentum following
reports by Agence France-Presse indicating that the White House asked the US Department of Defense, the Pentagon, to prepare specific options for striking sites in Iran ahead of the US midterm elections, heightening fears of fresh disruptions in energy markets.
According to data cited by the agency, Brent crude rose 3.6% to $103.80 per barrel, while West Texas Intermediate climbed 3.4% to $91.27, reviving international concerns about worsening inflationary pressures driven by high energy costs.
