Global oil prices witnessed a significant surge of 10% following reports of attacks targeting crucial energy infrastructure in the Middle East. This sharp increase reflects heightened geopolitical tensions and concerns over supply disruptions from the region.
Specifically, around 09:35 GMT, the price of North Sea Brent crude oil climbed to $118.03 per barrel, marking an impressive increase of 9.92% compared to its previous close. This movement indicates a strong market reaction to the unfolding events affecting the world’s primary oil-producing region.