KATHMANDU: Crude oil prices in the global market have surged sharply following renewed military tensions between the United States and Iran. According to the latest updates, crude oil prices jumped by more than $4 per barrel, reaching their highest level in five weeks. In international markets, Brent crude futures rose by 4.6% to reach $94.65 per barrel.
Meanwhile, U.S. West Texas Intermediate (WTI) crude oil gained 5.2%, climbing to $90.22 per barrel. The price hike comes amid fears of prolonged energy supply disruptions from the Middle East after the U.S. launched fresh airstrikes against multiple targets belonging to Iran’s Islamic Revolutionary Guard Corps. Adding to the market anxiety, Iran warned that it could block crude oil exports from leaving the Gulf region.
Market concerns further intensified following reports of attacks on two oil tankers in the Strait of Hormuz, one of the world’s most critical oil supply routes. There are growing apprehensions that energy transport through this vital waterway could face extended disruptions. In the meantime, diesel prices have also risen significantly due to operational disruptions at major refineries across different parts of the world.
In the U.S., diesel prices reportedly touched a 52-month high. Traders and analysts are also closely watching U.S. oil inventory data. Analysts estimate that U.S. crude inventories drew down by around 800,000 barrels for the week ending August 28. If confirmed, this would mark the first decline in U.S. crude stocks after five consecutive weeks of gains.
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