Oil Prices Surge as Middle East Tensions Propel Brent Above $90 Mark

Escalating Middle East Conflict Drives Oil Prices to New Highs, Brent Crude Hits $91

Oil prices continued their upward trajectory amid mounting tensions in the Middle East, with Brent crude surpassing the $90-per-barrel threshold for the first time since October. The surge follows increased geopolitical instability sparked by an Israeli strike on an Iranian diplomatic compound in Syria, which resulted in the deaths of senior military officials. Concerns over potential retaliation from Tehran have intensified, fueling fears of a broader regional conflict. The conflict between Israel and Hamas, coupled with Houthi attacks on shipping in the Red Sea, has further exacerbated supply concerns, pushing up transport costs. Despite cease-fire talks between Israel and Hamas, which may involve the release of hostages, deadlock persists, with Israel expressing skepticism over Qatar’s mediation efforts with Hamas, designated a terrorist organization by the US and Europe.