By : Puli
March 09, LNW (Colombo): Global oil prices have surged past $100 per barrel as the ongoing war involving the United States, Israel and Iran intensifies, raising serious concerns about disruptions to global energy supplies and shipping routes.
Brent crude, the international oil benchmark, climbed to over $110 per barrel in early trading, while U.S. West Texas Intermediate (WTI) also crossed the $100 mark for the first time since 2022. The sharp increase follows escalating military actions in the Middle East and growing fears that the conflict could spread further across the region.
Energy markets were rattled after reports of attacks on oil facilities and growing threats to shipping through the Strait of Hormuz, a strategic waterway that carries nearly one-fifth of the world’s oil supply. Disruptions in tanker traffic and security risks have made it difficult for oil exporters to move crude to global markets.
Several major oil-producing countries in the Gulf, including Iraq and Kuwait, have reportedly reduced output as storage capacity fills up and export routes become uncertain. The disruptions have added pressure to an already tight global oil market.
The sudden spike in crude prices has also shaken financial markets. Stock futures in the United States dropped sharply while Asian and European markets recorded losses amid fears that higher energy costs could fuel inflation and slow economic growth worldwide.
Analysts warn that if the conflict continues or spreads to additional oil infrastructure in the region, prices could climb even higher in the coming weeks. Governments and energy agencies are closely monitoring the situation as concerns grow about the impact on fuel prices and the global economy.