Brent crude futures climbed more than $1 a barrel on Thursday, reaching $92.22 in a volatile session driven by renewed geopolitical tensions in the Middle East.
The sharp advance reflects growing investor anxiety over the potential for supply disruptions as US military strikes on Iran intensify, overshadowing earlier hopes for a diplomatic resolution that might have stabilized shipping routes through the Strait of Hormuz.
The price surge marks a significant escalation from recent trading levels, where Brent had been hovering near $72 before spiking above $96 in earlier sessions amid similar conflict reports.
The price surge marks a significant escalation from recent trading levels, where Brent had been hovering near $72 before spiking above $96 in earlier sessions amid similar conflict reports.
This latest move underscores the market's sensitivity to any deterioration in the security of the Strait of Hormuz, a critical chokepoint through which a substantial portion of global oil exports pass.
Traders are now pricing in a higher risk premium as the prospect of a swift ceasefire appears increasingly distant.
The volatility comes after a period of relative calm in energy markets, where prices had stabilized following preliminary peace talks in Doha.