Brent crude futures surged to $115.13 per barrel on Wednesday, climbing 3.5% amid heightened geopolitical tensions and reports that the U.S. is considering extending a blockade of Iranian ports.
The move follows a broader rally in oil prices, driven by uncertainty over the trajectory of the conflict with Iran and the UAE's recent exit from OPEC.
The UAE's decision to leave OPEC has added another layer of complexity to the market outlook.
The price increase reflects growing concerns over potential disruptions to oil supply in the region.
With the Strait of Hormuz remaining a focal point of global energy security, traders are closely monitoring developments that could impact the flow of crude from the Middle East.
The market reaction underscores the sensitivity of oil prices to geopolitical shifts and the lingering uncertainty surrounding the Iran situation.
The UAE's decision to leave OPEC has added another layer of complexity to the market outlook.