London, SANA – Global oil prices have continued their ascent for a second consecutive day, fueled by persistent tensions in the region and mutual Israeli-Iranian shelling.
According to economic reports from Reuters, oil prices surged by 7% on Saturday following an exchange of airstrikes between Israel and Iran. This escalation has heightened investor fears of widespread disruptions to Middle Eastern oil exports.
Brent crude futures jumped $4.87 to $7.23 per barrel, after an initial leap of over 13% that pushed it to a high of $78.5 per barrel—its highest level since January 27.
Similarly, U.S. West Texas Intermediate (WTI) crude climbed $4.94 to $72.98. During the trading session, WTI soared over 14% to reach its highest point since January 21, hitting $77.62.
Earlier, U.S. Energy Secretary Chris Wright stated that he and his team are working with the White House National Security Council to monitor the situation in the Middle East and any potential impacts on global energy supplies.
Ruaa al-Jazaeri
